In a statutory power of attorney the language granting power with respect to insurance and annuity transactions empowers the agent to: Continue, pay the premium or assessment on, modify, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract; 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; Pay the premium or assessment on, modify, rescind, release, or terminate a contract of insurance or annuity procured by the agent; Designate the beneficiary of the contract, but an agent may be named a beneficiary of the contract, or an extension, renewal, or substitute for it, only to the extent the agent was named as a beneficiary under a contract procured by the principal before executing the power of attorney; Apply for and receive a loan on the security of the contract of insurance or annuity; Surrender and receive the cash surrender value; Exercise an election; Change the manner of paying premiums; Change or convert the type of insurance contract or annuity with respect to which the principal has or claims to have a power described in this section; Change the beneficiary of a contract of insurance or annuity, but the agent may not be designated a beneficiary except to the extent permitted by paragraph (4) of this section; Apply for and procure government aid to guarantee or pay premiums of a contract of insurance on the life of the principal; Collect, sell, assign, hypothecate, borrow upon, or pledge the interest of the principal in a contract of insurance or annuity; and 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.
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