Construction of power relating to insurance transactions

In a statutory power of attorney the language granting power with respect to insurance and annuity transactions empowers the agent to: (1) Continue, pay the premium or assessment on, modify, 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 the principal’s spouse, children, and other dependents; and select the amount, type of insurance or annuity, and mode of payment; (3) Pay the premium or assessment on, modify, rescind, release, or terminate a contract of insurance or annuity procured by the agent; (4) Designate the beneficiary of the contract, but an agent may be named a beneficiary of the contract, or an extension, renewal, or substitute for it, only to the extent the agent was named as a beneficiary under a contract procured by the principal before executing the power of attorney; (5) Apply for and receive a loan on the security of the contract of insurance or annuity; (6) Surrender and receive the cash surrender value; (7) Exercise an election; (8) Change the manner of paying premiums; (9) Change or convert the type of insurance contract or annuity with respect to which the principal has or claims to have a power described in this section; (10) Change the beneficiary of a contract of insurance or annuity, but the agent may not be designated a beneficiary except to the extent permitted by paragraph (4) of this section; (11) Apply for and procure government aid to guarantee or pay premiums of a contract of insurance on the life of the principal; (12) Collect, sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in 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.