Bankers Health & Life Insurance v. Crozier

Jenkins, Justice.

Where no power of divestiture is reserved in a policy of life insurance, the issuance of the policy confers a vested right upon the person named therein as beneficiary, and the insured can not transfer such interest to any other person without the consent of such beneficiary. Perry v. Tweedy, 128 Ga. 402 (57 S. E. 782, 119 Am. St. R. 393, 11 Ann. Cas. 46); Smith v. Head, 75 Ga. 755; Baldwin v. Wheat, 170 Ga. 449, 453 (153 S. E. 194). The rule is different, however, where a power to change the beneficiary or to assign the policy is reserved to the insured by the terms of the…