40-424. Same; designation of beneficiary; change of; payments.
40-424
40-424. Same; designation of beneficiary; change of; payments.Upon proper written request, a named beneficiary shall be designated in,or be endorsed on a policy of industrial life insurance, to receive thebenefits thereof on the death of the insured, and there shall be reservedthe power to change the beneficiary at any time upon proper written requestto the company at its home office, accompanied by the policy forendorsement of the change thereon by the company. The company shall havethe right to refuse to designate a beneficiary if evidence satisfactory tothe company of such beneficiary's insurable interest in the life of theinsured is not furnished on request.
The policy may provide in substance that any payment thereunder may bemade or any nonforfeiture benefit may be granted to the insured or to theinsured's estate or to any relative by blood or connection by marriage ofthe insured, or, to the extent of such portion of any payment under thepolicy as may reasonably appear to the company to be due to such person, toany other person equitably entitled thereto by reason of having incurredexpense occasioned by the maintenance or illness or burial of the insured.If the policy shall be in force at the death of the insured, the proceedsthereof shall be payable to the named beneficiary if living, but unlessproof of claim in the manner and form required by the policy, accompaniedby delivery of the policy for surrender, has been made by such beneficiarywithin fifteen days after the death of the insured, then upon theexpiration of said fifteen days, or if the beneficiary is the estate of theinsured, or is a minor, or is not legally qualified to give a valid releaseor dies before the insured, the company may pay to any person permitted bythe policy.
History: L. 1941, ch. 258, § 3; June 30.