Article 781 of Civil Code

1 - Without prejudice to the provisions specific to life insurance, an insurance policy may take the form of a policy for the benefit of a specified person, a policy to order, or a bearer policy. If the policy is to order, it is transferred by endorsement, even in blank. 2 - The insurer may invoke against the bearer of the policy or the person relying on it all defenses that it may invoke against the insured.