632.47 Assignment of life insurance rights. (1) GENERAL. Except as provided in sub. (3), the owner of any rights under a life insurance policy or annuity contract may assign any of those rights, including any right to designate a beneficiary and the rights secured under s. 632.57 or any other statute. An assignment valid under general contract law vests the assigned rights in the assignee subject, so far as reasonably necessary for the protection of the insurer, to any provisions in the insurance policy or annuity contract inserted to protect the insurer against double payment or obligation. (2) RELATIVE RIGHTS OF ASSIGNEE AND BENEFICIARY. The rights of a beneficiary under a life insurance policy or annuity contract are subordinate to those of an assignee, unless the beneficiary was effectively designated as an irrevocable beneficiary prior to the assignment. (3) PROHIBITION ON ASSIGNMENT. Assignment may be expressly prohibited by any of the following: (a) A group contract providing annuities as retirement benefits. (b) An annuity contract that is subject to transferability restrictions under any federal or state tax, employee benefit or securities law.
632.50
(a) Notify the policyholder of the initial rate of interest on the loan at the time a policy loan is made, if the loan is not a premium loan. (b) Notify the policyholder with respect to premium loans of the initial rate of interest on the loan as soon as it is reasonably practical to do so after making the initial loan. Notice need not be given to the policyholder when a further premium loan is added, except as provided in par. (c). (c) Send to policyholders with loans 30 days’ advance notice of any increase in the interest rate. (7) COVERAGE CONTINUATION. No policy may terminate in a policy year as the sole result of a change in the loan interest rate during that policy year. The insurer shall maintain coverage until it would have terminated if there had been no change. (8) POLICY PROVISIONS. The pertinent provisions of subs. (2) and (4) shall be set forth in substance in the policies to which they apply. History: 1981 c. 51; 1983 a. 215; 2001 a. 103.
History: 1975 c. 373, 375, 422; 1999 a. 30.