Vermont § 4477 Beneficiaries

Vermont Statutes

§ 4477 — Beneficiaries

Vermont § 4477

Title 8Title 8: Banking and Insurance

Ch. 121Chapter 121: Fraternal Benefit Societies

This text of Vermont § 4477 (Beneficiaries) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 4477 (2026).

Text

(a)The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws, or rules of the society. Every society by its constitution, laws, or rules may limit the scope of beneficiaries and shall provide that no 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 insurance contract.

(b)A society may provide 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 to such benefits by reason of having incurred expense occasioned by the burial of the member, provided the portion paid shall not ex

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(a) The member shall have the right at all times to change the beneficiary or beneficiaries in accordance with the constitution, laws, or rules of the society. Every society by its constitution, laws, or rules may limit the scope of beneficiaries and shall provide that no 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 insurance contract.
(b) A society may provide 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 to such benefits by reason of having incurred expense occasioned by the burial of the member, provided the portion paid shall not exceed the sum of $500.00.
(c) If, at the death of any member, there is no lawful beneficiary to whom the insurance benefits are payable, the amount of the benefits, except to the extent that funeral benefits may be paid as provided in this section, shall be payable to the personal representative of the deceased member. (Added 1959, No. 197, § 17, eff. Nov. 22, 1959; amended 2021, No. 105 (Adj. Sess.), § 192, eff. July 1, 2022.)