The insurance policy may be underwritten on behalf of a named person or the bearer. It may also be underwritten on order.
Policies underwritten policy on order shall be forwarded through endorsement, even in blank.
A life insurance policy may be underwritten on order. It may not be underwritten on behalf of the bearer.
The endorsement of a life insurance policy on order, shall under penalty of nullity indicate the date and the name of the beneficiary of the endorsement and must be signed by the endorser.
Insurers may raise exceptions opposable to the initial policy subscriber against the bearer of the policy or a third party who invokes the benefit thereof.