No provisions in sections 44-1601 to 44-1617 shall prohibit a person whose life is insured under any such policy of group life insurance from making an assignment or transfer of all or any part of his rights, privileges, and incidents of ownership under such policy, including specifically, but not by way of limitation, any right to designate a beneficiary thereunder and any right to have an individual policy issued in accordance with subdivisions (8) and (9) of section 44-1607, to any person other than the group policyholder. Subject to the terms of the policy relating to assignment of rights, privileges, and incidents of ownership thereunder, such an assignment by an insured, made either before or after December 25, 1969, is valid for the purpose of vesting in the assignee, in accordance with any provision included therein as to the time at which it is to be effective, all of such rights, privileges, and incidents of ownership so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue in accordance with subdivisions (8) and (9) of section 44-1607 prior to receipt of notice of the assignment.