§ 26-17-126 — Assignment of incidents of ownership under group life insurance policy

(a) Subject to the terms of the policy, or pursuant to an
agreement among the insured, the group policyholder and the
insurer, any person insured under a group life insurance policy
may assign to any person, other than the policyholder, any
ownership or part thereof conferred on him by the policy or by
the law, including specifically, but not limited to, the right
to exercise the conversion privilege and the right to name a
beneficiary.
(b) Any assignment by the 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 effective, any
ownership, rights, title and interest so assigned, but without
prejudice to the insurer because of any payment it may make or
individual policy it may issue prior to the receipt of notice of
the assignment.