§ 58-24-80. Beneficiaries.

§58‑24‑80.  Beneficiaries.

(a)        The owner of abenefit contract shall have the right at all times to change the beneficiary orbeneficiaries in accordance with the laws or rules of the society unless theowner waives this right by specifically requesting in writing that thebeneficiary designation be irrevocable.  A society may, through its laws orrules, limit the scope of beneficiary designations and shall provide that norevocable beneficiary shall have or obtain any vested interest in the proceedsof any certificate until the certificate has become due and payable inconformity with the provisions of the benefit contract.

(b)        A society may makeprovision for the payment of funeral benefits to the extent of such portion ofany payment under a certificate as might reasonably appear to be due to anyperson equitably entitled thereto by reason of having incurred expenseoccasioned by the burial of the member.

(c)        If, at the death ofany person insured under a benefit contract, there is no lawful beneficiary towhom the proceeds shall be payable, the amount of such benefit, except to theextent that funeral benefits may be paid as hereinbefore provided, shall bepayable to the personal representative of the deceased insured, provided thatif the owner of the certificate is other than the insured, such proceeds shallbe payable to such owner. (1987, c. 483, s. 2.)