US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1930.  POLICY SETTLEMENTS. Any life insurer shall have the power to
hold under agreement the proceeds of any policy issued by it, upon such terms
and restrictions as to revocation by the policyholder and control by
beneficiaries, and with such exemptions from the claims of creditors of
beneficiaries other than the policyholder as set forth in the policy or as
agreed to in writing by the insurer and the policyholder. Upon maturity of a
policy, in the event the policyholder has made no such agreement, the insurer
shall have the power to hold the proceeds of the policy under an agreement
with the beneficiaries. The insurer shall not be required to segregate the
funds so held but may hold them as part of its general assets.