§ 3-9-210 — Insurance and annuities

Wyoming § 3-9-210

• Jurisdiction: Wyoming
• Title 03: Guardian and Ward
• Ch. 9: UNIFORM POWER OF ATTORNEY ACT
• Art. 2: AUTHORITY

Text

(a) Unless the power of attorney otherwise provides,
language in a power of attorney granting general authority with
respect to insurance and annuities authorizes the agent to:
(i) Continue, pay the premium or make a contribution
on, modify, exchange, rescind, release or terminate a contract
procured by or on behalf of the principal which insures or
provides an annuity to either the principal or another person
whether or not the principal is a beneficiary under the
contract;
(ii) Procure new, different and additional contracts
of insurance and annuities for the principal and the principal's
spouse, children and other dependents and select the amount,
type of insurance or annuity and mode of payment;
(iii) Pay the premium or make a contribution on,
modify, exchange, rescind, release or terminate a contract of
insurance or annuity procured by the agent;
(iv) Apply for and receive a loan secured by a
contract of insurance or annuity;
(v) Surrender and receive the cash surrender value on
a contract of insurance or annuity;
(vi) Exercise an election;
(vii) Exercise investment powers available under a
contract of insurance or annuity;
(viii) Change the manner of paying premiums on a
contract of insurance or annuity;
(ix) Change or convert the type of insurance or
annuity with respect to which the principal has or claims to
have authority described in this subsection;
(x) Apply for and procure a benefit or assistance
under a statute or regulation to guarantee or pay premiums of a
contract of insurance on the life of the principal;
(xi) Collect, sell, assign, hypothecate, borrow
against or pledge the interest of the principal in a contract of
insurance or annuity;
(xii) Select the form and timing of the payment of
proceeds from a contract of insurance or annuity;
(xiii) Pay, from proceeds or otherwise, compromise or
contest and apply for refunds in connection with a tax or
assessment levied by a taxing authority with respect to a
contract of insurance or annuity or its proceeds or liability
accruing by reason of the tax or assessment.