Iowa Code 633B.210 – Insurance and annuities
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Terms Used In Iowa Code 633B.210
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Rule: includes "regulation". See Iowa Code 4.1
- Statute: A law passed by a legislature.
633B.210 Insurance and annuities.
Unless the power of attorney otherwise provides and subject to § 633B.201, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to do all of the following:
1. Continue, pay the premium or make a contribution on, or modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person whether or not the principal is a beneficiary under the contract.
2. Procure new, different, and additional contracts of insurance and annuities for the principal and the principal’s spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment.
3. Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent.
4. Apply for and receive a loan secured by a contract of insurance or annuity.
5. Surrender and receive the cash surrender value on a contract of insurance or annuity.
6. Exercise an election.
7. Exercise investment powers available under a contract of insurance or annuity.
8. Change the manner of paying premiums on a contract of insurance or annuity.
9. Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section.
10. Apply for and procure a benefit or assistance under a statute, rule, or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal.
11. Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity.
12. Select the form and timing of the payment of proceeds from a contract of insurance or annuity.
13. Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
2014 Acts, ch 1078, §35; 2015 Acts, ch 29, §110
Referred to in §633B.201, 633B.202, 633B.203
Unless the power of attorney otherwise provides and subject to § 633B.201, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to do all of the following:
1. Continue, pay the premium or make a contribution on, or modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person whether or not the principal is a beneficiary under the contract.
2. Procure new, different, and additional contracts of insurance and annuities for the principal and the principal’s spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment.
3. Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent.
4. Apply for and receive a loan secured by a contract of insurance or annuity.
5. Surrender and receive the cash surrender value on a contract of insurance or annuity.
6. Exercise an election.
7. Exercise investment powers available under a contract of insurance or annuity.
8. Change the manner of paying premiums on a contract of insurance or annuity.
9. Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section.
10. Apply for and procure a benefit or assistance under a statute, rule, or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal.
11. Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity.
12. Select the form and timing of the payment of proceeds from a contract of insurance or annuity.
13. Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
2014 Acts, ch 1078, §35; 2015 Acts, ch 29, §110
Referred to in §633B.201, 633B.202, 633B.203