§ 26-29-217 — Beneficiaries

Wyoming § 26-29-217

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 29: FRATERNAL BENEFIT SOCIETIES

Text

(a) The owner of a benefit contract shall have the right
at all times 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 provide for the payment of funeral
benefits to the extent of the 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, provided the payment
shall not exceed five hundred dollars ($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 subsection (b) of this
section, 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 the
owner.