§ 8.32. Authority of the guardian.
150 words·~1 min read·
/us/cfr/t38/s§ 8.32·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
What actions does a guardian have the authority to take for insurance purposes? The guardian of an insured or beneficiary has the authority to take the following actions:
(a)Apply for insurance or for conversion of a policy or change of plan;
(b)Reinstate a policy;
(c)Withdraw dividends held on deposit or credit;
(d)Select or change a dividend option;
(e)Obtain a policy loan;
(f)Cash surrender a policy;
(g)Authorize a deduction from benefits or allotment from military retired pay to pay premiums;
(h)Apply for and receive payment of proceeds on a matured policy;
(i)Select or change the premium payment option;
(j)Apply for waiver of premiums and total disability income benefits;
(k)Select or change settlement options for beneficiaries; and
(l)Assign a beneficiary's interest as provided under section 1918 of title 38 U.S.C. (Authority: 38 U.S.C. 1906) \[67 FR 54739, Aug. 26, 2002\]
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