Section 8.32 - Authority of the guardianWhat 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.67 FR 54739, Aug. 26, 2002 Authority: 38 U.S.C. 1906