§ 36-12-9 - Beneficiaries – Payment of benefits.
SECTION 36-12-9
§ 36-12-9 Beneficiaries – Payment ofbenefits. – (a) The policy or policies issued hereunder shall include a provisionprescribing the conditions under which an insured employee may designate andchange the beneficiary or beneficiaries to receive insurance payable upon thedeath of the employee.
(b) If, at the death of any employee insured hereunder, thereshall be more than one designated beneficiary, then, unless the employee shallhave specified the respective interests of the beneficiaries, the interests ofthe beneficiaries shall be several and equal. If any designated beneficiaryshall predecease the employee, the rights and interest of the beneficiary shallthereupon automatically terminate. If, at the death of the employee, there beno designated beneficiary as to all or any part of the insurance, then theamount of the insurance payable for which there is no designated beneficiaryshall be payable to the estate of the employee; provided, however, that theinsurance company may, in that case, at its option, and subject to rulesapproved by the director, pay the amount to any one of the following survivingrelatives: wife, husband, mother, father, child, or children. Payment to anyone or more of the surviving relatives shall completely discharge the insurancecompany's liability with respect to the amount of insurance so paid.