§ 27-11-6-2 — Beneficiaries of benefit contracts; funeral benefits; failure to designate lawful beneficiary

Indiana § 27-11-6-2

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 11: FRATERNAL BENEFIT SOCIETIES
• Ch. 6: Contractual Benefits

Text

(a) The owner of a benefit contract is entitled
to change the beneficiary or beneficiaries in accordance with the laws
or rules 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 rules, limit the scope of beneficiary
designations and shall provide that no revocable beneficiary shall have
or obtain any vested interest in the proceeds of any certificate until the
certificate has become due and payable in conformity with the
provisions of the benefit contract.
(b) A society may make provision for the payment of funeral
benefits to the extent of such portion of any payment under a certificate
as might reasonably appear to be due to any person equitably entitled
thereto by reason of having incurred expense occasioned by the burial
of the member.
(c) If at the death of any person insured under a benefit contract
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
be paid, shall be payable to the personal representative of the deceased
insured, provided that if the owner of the certificate is other than the
insured, the proceeds shall be payable to such owner.

Legislative History

As added by P.L.262-1985, SEC.1.