§ 512B.17 — Beneficiaries

Iowa § 512B.17

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 512B: FRATERNAL BENEFIT SOCIETIES

Text

1. The owner of a benefit contract may change the beneficiary or beneficiaries in
accordance with the laws or regulations of the society unless the owner waives this right by
specifically requesting in writing that the beneficiary designation be irrevocable. A society
may, through its laws or regulations, limit the scope of beneficiary designations and shall
provide that a revocable beneficiary shall not have or obtain a vested interest in the proceeds
of a certificate until the certificate has become due and payable in conformity with the
benefit contract.
2. A society may make provision for the payment of funeral benefits to the extent of the
portion of a payment under a certificate which reasonably appears to be due to a person
equitablyentitledtothebenefitbyreasonofhavingincurredexpenseoccasionedbytheburial
ofthemember. However,theportionsopaidshallnotexceedthesumofonethousanddollars.
3. If, at the death of a person insured under a benefit contract, there is no lawful
beneficiary to whom the proceeds are payable, the amount of the benefit, except to the
extent that funeral benefits may be paid pursuant to subsection 2, shall be payable to the
estate of the deceased insured the same as other property not exempt. However, if the owner
of the certificate is other than the insured, the proceeds are payable to the owner.