Rights of policy holder on beneficiary irrevocably designated

(1) Where a beneficiary is not designated irrevocably, the policy holder may assign, exercise rights under or in respect of, surrender or otherwise deal with the contract as provided therein or in this Part or as may be agreed upon with the insurer. (2) Where a beneficiary is designated irrevocably, the policyholder may not assign the policy, use the policy as a security, surrender it or otherwise deal with it without the consent in writing of the designated beneficiary. entitlement to