Authority of the guardian.

§ 8.32 Authority of the guardian. What 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; (b) Reinstate a policy; (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. (Authority: 38 U.S.C. 1906) [67 FR 54739, Aug. 26, 2002]