An individual of legal age who is insured under a life insurance policy may in writing:
(1) in a manner and to the extent permitted by the policy, designate any individual, partnership, association, corporation, or other legal entity as a beneficiary of the policy; and
(2) in a manner and to the extent not prohibited by the policy, transfer or assign to any entity described by Subdivision (1):
(A) the policy; or
(B) an interest, benefit, right, or title in the policy.