2462. The assignment of insurance confers on the assignee all the rights and obligations of the assignor and entails the revocation of any revocable designation of a beneficiary and of any designation of a subrogated policyholder.
However, a hypothec charging a right under a contract of insurance confers on the hypothecary creditor only a right to the balance of the claim, interest and accessories; it entails revocation of the revocable designation of the beneficiary and of the subrogated policyholder only with respect to those amounts.
1991, c. 64, a. 2462; I.N. 2014-05-01.