Section 4457 - Powers with respect to insurance and annuity transactionsIn a statutory form power of attorney, the language granting power with respect to insurance and annuity transactions empowers the agent to do all of the following:
(a) Continue, pay the premium or assessment on, modify, rescind, release, or terminate a contract procured by or on behalf of the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract.(b) 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.(c) Pay the premium or assessment on, modify, rescind, release, or terminate a contract of insurance or annuity procured by the agent.(d) Apply for and receive a loan on the security of the contract of insurance or annuity.(e) Surrender and receive the cash surrender value.(f) Exercise an election.(g) Change the manner of paying premiums.(h) Change or convert the type of insurance contract or annuity as to any insurance contract or annuity with respect to which the principal has or claims to have a power described in this section.(i) Apply for and procure government aid to guarantee or pay premiums of a contract of insurance on the life of the principal.(j) Collect, sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in a contract of insurance or annuity.(k) 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.Amended by Stats 2011 ch 113 (AB 1082),s 5, eff. 1/1/2012.