§ 26-15-122 — Assignment of policies

A policy is assignable or not assignable as provided by its
terms. Subject to its terms relating to assignability, any life
or disability policy, 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. The assignment entitles 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 receives 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.