Exams / Wyoming Life Insurance License / Wyo. Stat. §26-15-122
Wyo. Stat. §26-15-122 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-15-122. Assignment of policies. A policy is assignable or not assignable as provided by its terms. Subject to its terms relating to assignability, any life or disability policy, 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. The assignment entitles the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment, until the insurer receives 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 in conflict with the assignment.
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- A producer assigns a client's life insurance policy to a new owner. Under Wyoming law, the insurer may deal with the assignee as owner until the insurer receives written notice of termination at which location?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - A producer is explaining the assignment of a life insurance policy in Wyoming. Under Wyo. Stat. §26-15-122, the insurer is entitled to deal with the assignee as the owner of the policy until which event occurs?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →