§ 10-7-207 — Assignment

Colorado § 10-7-207

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

Nothing in this title or in any other law shall be
construed to prohibit any person insured under a group life insurance policy from
making an assignment of all or any part of his incidents of ownership under such
policy, including, but not limited to, the privilege to have issued to him an individual
policy of life insurance pursuant and subject to the provisions of section 10-7-202
and the right to name a beneficiary. Subject to the terms of the policy or agreement
between the insured, the group policyholder, and the insurer, relating to
assignment of incidents of ownership thereunder, such an assignment by an insured
is valid for the purpose of vesting in the assignee, in accordance with any provisions
included therein as to the time at which it is to be effective, all of such incidents of
ownership so assigned, but without prejudice to the insurer on account of any
payment it may make or individual policy it may issue prior to receipt of notice of
the assignment.

Legislative History

Source: L. 71: p. 721, � 1. C.R.S. 1963: � 72-6-7.