Sec. 2. (a) The owner of a benefit
contract is entitled 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.
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Terms Used In Indiana Code 27-11-6-2
- 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
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
(c) If at the death of any person insured under a benefit contract there is no lawful beneficiary to whom the proceeds shall be payable, the amount of the benefit, except to the extent that funeral benefits may be paid, 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 such owner.
As added by P.L.262-1985, SEC.1.
