(a) prohibit the policy holder from borrowing from the cash value or
changing the named beneficiary of such insurance policy without the
written consent of the irrevocable beneficiary; and
(b) provide written notification to the irrevocable beneficiary in the
event that such insurance policy is scheduled to lapse due to
non-payment of premium.
Structure New York Laws
Article 31 - Insurance Contracts - General
3101 - Simplified Comprehensive Policies of Insurance.
3102 - Requirements for the Use of Readable and Understandable Insurance Policies.
3103 - Non-Conforming Contracts.
3104 - Contract Provisions Required by Laws of Other Jurisdictions.
3105 - Representations by the Insured.
3106 - Warranty Defined; Effect of Breach.
3107 - Sale of Insurance Policies by Vending Machine.
3108 - Reinsurance Contracts Excepted.
3109 - False Statements in Applications for Membership in Fraternal Benefit Societies.
3110 - Withdrawal of Any Policy Form.
3111 - Special Provisions Relating to Senior Citizens.
3112 - Automatic Bank Withdrawal Agreements; Notification Required.