58-10-6.1. Assignment of incidents of ownership under life insurance policy--Assignment before July 1, 1989, enforceable.
120 words·~1 min read·
/sd/title-58/chapter-58-10/58-10-6-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subject to the policy terms on assignment, a person whose life is insured under a policy of life insurance may assign with his spouse's written consent any or all incidents of ownership granted him under the policy, including but not limited to any right to designate a beneficiary or to pay premiums. If a policy of life insurance has been issued in conformity with this section, no transfer of the policy or any interest thereunder shall be invalid by reason of a lack of insurable interest of the transferee in the life of the insured or the payment of premiums thereafter by the transferee.
Insurance contracts which were assigned before July 1, 1989, shall be deemed enforceable under this section.