Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Structure West Virginia Code
§33-13-2. Standard Provisions Required
§33-13-8a. Maximum Rate of Interest on Policy Loans
§33-13-9. Nonforfeiture Benefits
§33-13-10. Table of Loan Values and Options
§33-13-11. Table of Installments
§33-13-13. Payment of Premiums
§33-13-14a. Payment of Interest on Death Claims
§33-13-16. Excluded or Restricted Coverage
§33-13-17. Annuity Contracts -- Standard Provisions
§33-13-18. Same -- Grace Period
§33-13-19. Same -- Incontestability
§33-13-20. Same -- Entire Contract
§33-13-21. Same -- Misstatement of Age or Sex
§33-13-23. Same -- Reinstatement
§33-13-24. Standard Provisions of Reversionary Annuities
§33-13-25. Limitation of Liability
§33-13-26. Contestability After Reinstatement
§33-13-27. Power of Insurer to Hold Proceeds of Policy Under Agreement
§33-13-28. Indebtedness Deducted From Proceeds
§33-13-29. Dual or Multiple Pay Policies Prohibited
§33-13-30. Standard Nonforfeiture Law for Life Insurance
§33-13-30a. Standard Nonforfeiture Law for Individual Deferred Annuities
§33-13-31. Industrial Life Insurance -- Required Provisions
§33-13-32. Same -- Grace Period
§33-13-33. Same -- Entire Contract; Statements in Application; Deemed Representations
§33-13-34. Same -- Incontestability
§33-13-35. Same -- Misstatement of Age
§33-13-37. Same -- Nonforfeiture Benefits; Cash Surrender Values
§33-13-38. Same -- Reinstatement
§33-13-40. Same -- Beneficiary and Facility of Payment Clause
§33-13-41. Same -- Direct Payment of Premiums
§33-13-42. Same -- Conversion of Weekly Policies
§33-13-43. Same -- Conversion of Monthly Policies
§33-13-44. Same -- Title on Policy
§33-13-45. Same -- Provisions Not Required in Single Premium, Term, etc., Policies