4 Guam Code Ann. § 7102
Terms Used In 4 Guam Code Ann. § 7102
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
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4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH. 7 DECEASED EMPLOYEE’S ACCOUNTS
and of the disposition of money due if a beneficiary is not designated. An employee may change or revoke a designation at any time under such regulations as the Director of Administration may prescribe.
(b) In order to facilitate the settlement of the accounts of deceased employees, money due an employee at time of death shall be paid to the person or persons surviving at the time of death, in the following order of precedence and payment bars recovery by another person of amounts so paid:
FIRST, to the beneficiary or beneficiaries designated by the employee in writing received by the employing department or agency before his death.
SECOND, if there is no designated beneficiary, to the widow or widower of the employee.
THIRD, if none of the above, to the child or children of the employee and descendants of deceased children by representation.
FOURTH, if none of the above, to the duly appointed legal representative of the estate of the employee.
SOURCE: § 4151 GC, as amended by P.L. 12-47.
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