Iowa § 509.15 Assignment of policy

Iowa Statutes

§ 509.15 — Assignment of policy

Iowa § 509.15

Title XIIICOMMERCE

Ch. 509GROUP INSURANCE

This text of Iowa § 509.15 (Assignment of policy) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 509.15 (2026).

Text

Any person insured under a group life insurance policy may assign the rights, benefits and
all other incidents of ownership conferred on the person by any provision of such policy or by
law, including specifically and not by way of limitation the right, if any, to have issued to the
person an individual policy 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, any such
assignment, whether made before or after July 1, 1971, 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 rights, benefits and incidents of ownership conferred upon the insured
under the policy and shall entitle the insurer to de

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Any person insured under a group life insurance policy may assign the rights, benefits and
all other incidents of ownership conferred on the person by any provision of such policy or by
law, including specifically and not by way of limitation the right, if any, to have issued to the
person an individual policy 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, any such
assignment, whether made before or after July 1, 1971, 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 rights, benefits and incidents of ownership conferred upon the insured
under the policy and shall entitle the insurer to deal with the assignee as the owner of such
rights, benefits and incidents of ownership, provided the insurer shall not be affected by
any assignment until the insurer has received written notice thereof. This section shall be
construed as declaring the law as it existed prior to July 1, 1971 and not modifying it.