§ 27-25-17 - Beneficiaries.
SECTION 27-25-17
§ 27-25-17 Beneficiaries. – (a) The owner of a benefit contract shall have the right at all times to changethe beneficiary or beneficiaries in accordance with the laws or rules of thesociety unless the owner waives this right by specifically requesting, inwriting, that the beneficiary designation is irrevocable. A society may,through its laws or rules, limit the scope of beneficiary designations andshall provide that no revocable beneficiary shall have or obtain any vestedinterest in the proceeds of any certificate until the certificate has becomedue and payable in conformity with the provisions of the benefit contract.
(b) A society may make provision for the payment of funeralbenefits to the extent of the portion of any payment under a certificate asmight reasonably appear to be due to any person equitably entitled to paymentby reason of having incurred expense occasioned by the burial of the member,provided the portion so paid shall not exceed the sum of two thousand dollars($2,000).
(c) If, at the death of any person insured under a benefitcontract, there is no lawful beneficiary to whom the proceeds shall be payable,the amount of the benefit, except to the extent that funeral benefits may bepaid as provided in subsection (b) of this section, shall be payable to thepersonal representative of the deceased insured, provided that if the owner ofthe certificate is other than the insured, the proceeds shall be payable to theowner.