Prior to payment of an accelerated benefit, an insurer shall obtain a signed acknowledgement of concurrence for payout as follows:
- (1) From an assignee, when the amount of benefit that is accelerated exceeds the unassigned portion of the death benefit, unless the assignee is the insurer.
- (2) From an irrevocable beneficiary, if there is an irrevocable beneficiary.
Statutory/Other Authority
ORS 731.244 & 743.154
Statutes/Other Implemented
ORS 743.154
History
ID 8-1992, f. 5-26-92, cert. ef. 6-1-92