Tennessee Code Title 56. Insurance § 56-7-204

(b)(1) Nothing in this section or any other law shall be construed as prohibiting any person insured under a group insurance policy, pursuant to the terms of the policy or an arrangement among the insured, the group policyholder and the insurer, from making to any person an assignment of the rights and benefits conferred on the insured by any provision of the policy or by law, including, but not limited to, the right to have issued to the insured an individual policy arising from conversion as set forth in § 56-7-2305 or otherwise and the right to name a beneficiary.

(2) Any assignment permitted in this section, whether made before or after May 7, 1969, is valid for the purpose of vesting in the assignee all the rights and benefits assigned, and shall entitle the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy, in accordance with the terms of the assignment without prejudice to the insurer on account of any payment it may make or any individual policy it may issue arising from conversion prior to receipt at its home office of notice of the assignment.

(3) This section acknowledges, declares and codifies the existing right of assignment of interests under life insurance policies.