Kentucky Statutes 304.29-171 – Beneficiaries
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(1) 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.
(2) A society may make provision 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. The portion so paid shall not exceed the sum of ten thousand dollars ($10,000).
(3) 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 as provided, shall be payable to the personal representative of the deceased insured. If the owner of the certificate is other than the insured, the proceeds shall be payable to the owner.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 472, sec. 1, effective July 15, 1998. — Created
1988 Ky. Acts ch. 310, sec. 17, effective January 1, 1989.
(2) A society may make provision 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. The portion so paid shall not exceed the sum of ten thousand dollars ($10,000).
Terms Used In Kentucky Statutes 304.29-171
- 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
- Benefit contract: shall mean the agreement for provision of benefits authorized by
KRS §. See Kentucky Statutes 304.29-041 - Certificate: shall mean the document issued as written evidence of the benefit contract. See Kentucky Statutes 304.29-041
- Contract: A legal written agreement that becomes binding when signed.
- Laws: shall mean the society's articles of incorporation, constitution and bylaws, however designated. See Kentucky Statutes 304.29-041
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Rules: shall mean all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Kentucky Statutes 304.29-041
- Society: shall mean fraternal benefit society, unless otherwise indicated. See Kentucky Statutes 304.29-041
(3) 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 as provided, shall be payable to the personal representative of the deceased insured. If the owner of the certificate is other than the insured, the proceeds shall be payable to the owner.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 472, sec. 1, effective July 15, 1998. — Created
1988 Ky. Acts ch. 310, sec. 17, effective January 1, 1989.