§ 26.1-15.1-17 — Beneficiaries

North Dakota § 26.1-15.1-17

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-15.1: Fraternal Benefit Societies

Text

1. The owner of a benefit contract has the right 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 has or obtains 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.
2. A society may make provision for the payment of funeral benefits to the extent of
incurred expense occasioned by the burial of the member, not to exceed the sum of
one thousand dollars.
3. If, at the death of any 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 as provided in subsection 2, is payable to the
personal representative of the deceased insured, except that the proceeds are
payable to the owner of the certificate if the owner was not the insured.