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Report No. 82

5.15. Assignment.-

So much as regards a "designated" beneficiary. As to assignment in U.S.A., the following statutory provision applicable to national service life insurance policies1 would be of interest-

"Section 718.- Assignments.

(a) Assignments of all or any part of the beneficiary's interest may be made by a designated beneficiary to a widow, widower, child, father, mother, grandfather, grandmother, brother, or sister of the insured, when the designated contingent beneficiary, if any, joins the beneficiary in the assignment, and if the assignment is delivered to the Vetarans' Administration before any payments of the insurance shall have been made to the beneficiary. However, an interest in any annuity, when assigned, shall be payable in equal monthly instalments in such multiple of twelve as most nearly equals the number of instalments certain under such annuity, or in two hundred and forty instalments, whichever is the lesser. The provisions of this sub-section shall not be applicable to insurance maturing on or after the date of enactment of this sentence.2

(b) Except as to insurance granted under the provisions of section 722(b) of this title, any person to whom insurance maturing on or after the date of enactment of this sentence is payable may assign all or any portion of his interest in such insurance to a widow, widower, child, father, mother, grandfather, grandmother, brother or sister of the insured when the designated contingent beneficiary, if any, joins the beneficiary in the assignment. Such joinder shall not be required in any case in which the insurance proceeds are payable in a lump sum".

1. USCA (1979), Vol. 38, section 718, p. 384.

2. 38 USCA (1979), section 718.



Effect of Nomination under Section 39 of the Insurance Act, 1938 Back




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