Property insurance is widely described as a 'personal contract' that cannot be freely assigned without the insurer's consent. Why does this restriction apply less strictly to a life insurance policy's ownership?

Why this is the answer

Property insurance is a 'personal contract' because the insurer underwrote a specific owner's risk and moral character; assignment without consent would force the insurer to insure a stranger. Life insurance underwrites the insured life, not the policy owner, and Florida statute §627.404(1) provides that insurable interest 'need not exist after the inception date of coverage.' Once issued with a valid insurable interest, a life policy can be assigned absolutely or collaterally to any third party — a key reason secondary markets like viaticals exist. STOLI schemes are the limit case, prohibited only because they manufacture a sham interest at inception. Per Fla. Stat. §627.404(1).