58-11-36 Assignment of policies.
Assignment of policies.
A policy may be assignable or not assignable, as provided
by its terms. Subject to its terms relating to assignability, any life or health policy, whether heretofore
or hereafter issued, under the terms of which the beneficiary may be changed upon the sole request
of the insured or owner, may be assigned either by pledge or transfer of title, by an assignment
executed by the insured or owner alone and delivered to the insurer, whether or not the pledgee or
assignee is the insurer. Any such 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
Source: SL 1966, ch 111, ch 22, § 27.