Section I: General provisions.

I.-Subject to the provisions of the last paragraph of article

L. 132-4-1

, the stipulation by virtue of which the benefit of the insurance is allocated to a specific beneficiary becomes irrevocable by the beneficiary's acceptance, made under the conditions set out in II of this article. During the term of the contract, once the beneficiary has been accepted, the stipulator may not exercise his right to surrender and the insurance company may not grant him an advance without the agreement of the beneficiary.

As long as the acceptance has not taken place, the right to revoke this stipulation belongs only to the stipulator and cannot be exercised during his lifetime by his creditors or his legal representatives. Where guardianship has been opened in respect of the stipulator, the revocation may only be made with the authorisation of the guardianship judge or the family council if it has been constituted.

This right of revocation may only be exercised, after the death of the stipulator, by his heirs, after the sum insured has fallen due and at the earliest three months after the beneficiary of the insurance has been given formal notice by extrajudicial act to declare whether he accepts.

The gratuitous grant of the benefit of a life insurance policy to a specific person is presumed to be made subject to the condition that the beneficiary exists at the time the guaranteed capital or annuity falls due, unless the terms of the stipulation indicate otherwise.

II - As long as the insured and the stipulator are alive, acceptance is made by an endorsement signed by the insurance company, the stipulator and the beneficiary. It may also be made by a notarial or private deed signed by the stipulator and the beneficiary, in which case it will only have effect with regard to the insurance undertaking when it is notified to it in writing.

Where the beneficiary is designated free of charge, acceptance may only take place at least thirty days from the time when the stipulator is informed that the insurance contract has been concluded.

After the death of the insured or the stipulator, acceptance is unrestricted.