(1) No assignment of a life policy is valid, unless and until a written notice of the date and purport of such assignment has been given to the insurers liable thereunder and the policy has been delivered to the assignee.
(2) Where a life policy has been assigned so as to pass the beneficial interest, the assignee of the policy is entitled to sue in his or her own name; and the defendant is entitled to make any defence arising out of the contract which he or she would have been entitled to make if the action had been brought in the name of the person by or on behalf of whom the policy was effected.
(3) A life policy may be assigned by endorsement or in other customary manner.
(4) The company shall specify in the policy the place or places of business at which notice of assignment may be given.