Vermont § 3713 - Assignment of insurance policies or annuity contracts

§ 3713. Assignment of insurance policies or annuity contracts

• (a) A policy of insurance or an annuity contract may be assignable or not assignable,
  as provided by its terms. Subject to its terms relating to assignability, any such
  policy or contract, whether heretofore or hereafter issued, under the terms of which
  the beneficiary may be changed upon the sole request of the insured or owner, may
  be assigned either by pledge or transfer of title, by an assignment executed by the
  insured or owner alone and delivered to the insurer, whether or not the pledgee or
  assignee is the insurer. Any such assignment shall entitle the insurer to deal with
  the assignee as the owner or pledgee of the policy or contract in accordance with
  the terms of the assignment, until the insurer has received at its home office written
  notice of termination of the assignment or pledge, or written notice by or on behalf
  of some other person claiming some interest in the policy or contract in conflict
  with the assignment. (b) Notwithstanding any provision of law, a person whose life is insured under any policy
  of group life insurance may make an assignment of all or any part of his or her incidents
  of ownership in the insurance, including any right to designate a beneficiary or beneficiaries
  thereunder and any right to have an individual policy issued in lieu of such group
  insurance coverage upon termination either of employment or of the policy of group
  life insurance, provided that the insurer and the group policy holder may prohibit
  or restrict such an assignment by appropriate policy provisions. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 13); amended 1971, No. 58.)