§ 49A-210. Insurance and annuities.
333 words·~2 min read·
/de/title-12/subchapter-ii-authority/49a-210·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless the personal power of attorney otherwise provides, language in a personal power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
(1)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;
(2)Procure new, different, and additional contracts of insurance and annuities for the principal and select the amount, type of insurance or annuity, and mode of payment;
(3)Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;
(4)Apply for and receive a loan secured by a contract of insurance or annuity;
(5)Surrender and receive the cash surrender value on a contract of insurance or annuity;
(6)Exercise an election;
(7)Exercise investment powers available under a contract of insurance or annuity;
(8)Change the manner of paying premiums on a contract of insurance or annuity;
(9)Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10)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;
(11)Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;
(12)Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13)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.