§ 26-16-113 — Beneficiaries of industrial life insurance policies

(a) An industrial life insurance policy shall have the
name of the beneficiary designated thereon, or in the
application or other form if attached to the policy, with a
reservation of the right to designate or change the beneficiary
after the issuance of the policy, unless the beneficiary is
irrevocably designated.
(b) The policy may also provide that:
(i) No designation or change of beneficiary is
binding on the insurer until endorsed on the policy by the
insurer;
(ii) The insurer may refuse to endorse the name of
any proposed beneficiary who does not appear to the insurer to
have an insurable interest in the insured's life;
(iii) If the beneficiary designated in the policy
does not make a claim under the policy or does not surrender the
policy with proof of death within the period stated in the
policy, which shall not be less than thirty (30) days after the
insured's death, or if the beneficiary is the estate of the
insured, or is a minor, or dies before the insured, or is not
legally competent to give a valid release, the insurer may make
any payment thereunder to the insured's executor or
administrator, or to any relative of the insured by blood or
legal adoption or connection by marriage, or to any person
appearing to the insurer to be equitably entitled thereto
because of having been named beneficiary or having incurred
expense for the insured's maintenance, medical attention or
burial.
(c) The policy may also include a provision similar to
that in paragraph (b)(iii) of this section applicable to any
other payment due under the policy.