A policy may be assignable or not assignable, as provided by its terms. Subject to its terms relating to assignability, any life or accident and sickness policy issued under the terms of which the beneficiary may be changed upon the sole request of the policy owner may be assigned either by pledge or by transfer of title by an assignment executed by the policy owner alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. Any assignment shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment until the insurer has received at its home office written notice of termination of the assignment or pledge or written notice by or on behalf of some other person claiming some interest in the policy in conflict with the assignment.
(Code 1933, § 56-2423, enacted by Ga. L. 1960, p. 289, § 1.)
OPINIONS OF THE ATTORNEY GENERALInsurance Code does not prohibit assignment of conversion privilege under policy of group life insurance. 1969 Op. Att'y Gen. No. 69-2.
RESEARCH REFERENCES
Am. Jur. 2d.
- 44 Am. Jur. 2d, Insurance, § 774 et seq.
C.J.S.- 45 C.J.S., Insurance, § 730.
ALR.
- Validity as against creditors of change of beneficiary of insurance policy from estate to individual, 6 A.L.R. 1173; 106 A.L.R. 596.
Insurance: assignment of life or benefit policy for valuable consideration as change of beneficiary, 38 A.L.R. 109.
Rights as between mortgagor and insurance company where policy avoided as to mortgagor, but not as to mortgagee, 52 A.L.R. 278.
Divorce of insured and beneficiary as affecting the latter's right in life insurance, 52 A.L.R. 386; 175 A.L.R. 1220.
Right of life insured to assign policy without beneficiary's consent, 60 A.L.R. 191.
Right of lessor or lessee or his privies to benefit of insurance taken out by other or his privies, 66 A.L.R. 864.
Rights and remedies of beneficiary after death of insured who had pledged policy to secure debt, 71 A.L.R. 1437, 111 A.L.R. 628; 160 A.L.R. 1389.
Assignment of policy insuring life of minor, 95 A.L.R. 205.
Assignment of claim for loss under fire insurance policy as affecting the furnishing of proofs of loss, 101 A.L.R. 1300.
Avoidance on ground of fraud, mistake, duress, or mental incompetency of otherwise validly effected change of beneficiary of insurance policies, 105 A.L.R. 950.
Construction, application, and effect of provision of life insurance policy as to filing of assignment, or duplicate, with insurer, 111 A.L.R. 709.
Assignment by assured of policy of indemnity or liability insurance, or of rights thereunder, 122 A.L.R. 144.
Assignment of policy of life insurance as affecting subsequent attempt to change beneficiary, 125 A.L.R. 1097.
Rights, in respect of proceeds of policy of life insurance, as between beneficiary and one to whom policy has been assigned otherwise than as collateral, 138 A.L.R. 1357.
National Service Life Insurance Act, 153 A.L.R. 1413; 155 A.L.R. 1445; 156 A.L.R. 1445; 157 A.L.R. 1445; 158 A.L.R. 1445.
Duty of insurer to investigate mental competency of insured to assign policy, or to designate or change designation of beneficiary, or as to fraud or undue influence in that regard, 162 A.L.R. 547.
Change of beneficiary in old line insurance policy as affected by failure to comply with requirements as to manner of making change, 19 A.L.R.2d 5.
Validity of assignment of life insurance policy to one who has no insurable interest in insured, 30 A.L.R.2d 1310.
Transfer or pledge of fire insurance policy as collateral security for debt as within policy provisions prohibiting or restricting assignment of policy, 31 A.L.R.2d 1199.
Testamentary nature of life insurance trust, 53 A.L.R.2d 1112.
Right of one who pays medical or similar expenses of injured person under life care, or similar, contract to recover the cost thereof from tortfeasor, 78 A.L.R.2d 822.
Law governing assignment of life insurance policy or of rights thereunder, 97 A.L.R.2d 1399.
Obligation of insurer to give assignee of life policy notice of premiums due, 68 A.L.R.3d 360.
Coverage under all-risk insurance, 30 A.L.R.5th 170.