§ 27-8-3-22 — Eligible beneficiaries; change of beneficiary

Any member of such corporation, association
or society may name as his payee or beneficiary any person or persons,
natural or artificial, permitted by the by-laws of such corporations,
associations or society, or, if the by-laws thereof permit, the insurance
of such member may be made payable to his estate. Any member of
such corporation, association or society, naming as his payee or
beneficiary any such person or persons, may make such designation
either revocable or irrevocable, and the option which he elects to
exercise shall be set out in and be made a part of his application for a
certificate or policy of insurance. When the right of revocation has
been reserved, or in case of the death of any payee or beneficiary under
either a revocable or an irrevocable designation, the insured, subject to
any existing assignment of the policy, may designate a new payee or
beneficiary, with or without reserving the right of revocation, by filing
written notice thereof at the home office of the corporation, association
or society, accompanied by the policy for suitable endorsement thereon.
No person who shall have been designated as a payee or beneficiary by
the insured shall have or obtain any vested interest in the death benefits
which may accrue in the event of the death of the insured until such
death benefits shall have become due and payable upon the death of the
insured.
Formerly: Acts 1897, c.195, s.22; Acts 1923, c.185, s.1.