8.32—Authority of the guardian.
What actions does a guardian have the authority to take for insurance purposes? The guardian of an insured or beneficiary has the authority to take the following actions:
(a)
Apply for insurance or for conversion of a policy or change of plan;
(c)
Withdraw dividends held on deposit or credit;
(d)
Select or change a dividend option;
(e)
Obtain a policy loan;
(f)
Cash surrender a policy;
(g)
Authorize a deduction from benefits or allotment from military retired pay to pay premiums;
(h)
Apply for and receive payment of proceeds on a matured policy;
(i)
Select or change the premium payment option;
(j)
Apply for waiver of premiums and total disability income benefits;
(k)
Select or change settlement options for beneficiaries; and
(l)
Assign a beneficiary's interest as provided under section 1918 of title 38 U.S.C.
Code of Federal Regulations
(Authority:
38 U.S.C. 1906
)
Code of Federal Regulations
[67 FR 54739, Aug. 26, 2002]