Article 5: PROTECTION OF PERSONS UNDER DISABILITY AND THEIR PROPERTY
Part 9: MAINE UNIFORM POWER OF ATTORNEY ACT
Subpart 2: AUTHORITY
§5-940. Insurance and annuities
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to
insurance and annuities authorizes the agent to: [2009, c. 292, §2 (NEW); 2009, c. 292, §6 (AFF).]
(a).
Continue, pay the premium or make a contribution on, modify, exchange, 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;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(b).
Procure new, different and additional contracts of insurance and annuities for the principal and the principal's spouse, registered
domestic partner, children and other dependents and select the amount, type of insurance or annuity and mode of payment;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(c).
Pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract of insurance or annuity
procured by the agent;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(d).
Apply for and receive a loan secured by a contract of insurance or annuity;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(e).
Surrender and receive the cash surrender value on a contract of insurance or annuity;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(f).
Exercise an election;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(g).
Exercise investment powers available under a contract of insurance or annuity;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(h).
Change the manner of paying premiums on a contract of insurance or annuity;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(i).
Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described
in this section;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(j).
Apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of
insurance on the life of the principal;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(k).
Collect, sell, assign, hypothecate, borrow against or pledge the interest of the principal in a contract of insurance or annuity;
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(l).
Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
(m).
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.
[
2009, c. 292, §2 (NEW);
2009, c. 292, §6 (AFF)
.]
SECTION HISTORY
2009, c. 292, §2 (NEW).
2009, c. 292, §6 (AFF).
Data for this page extracted on 10/16/2012 08:28:13.