Missouri Laws 378.617 – Change of beneficiary, allowed — funeral benefits, payment of, limitation — ..
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, through its laws or rules, may 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 such 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 portion so paid shall not exceed the sum of one thousand dollars.
Terms Used In Missouri Laws 378.617
- 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: the agreement for provision of benefits authorized by section 378. See Missouri Laws 378.604
- Certificate: the document issued as written evidence of the benefit contract. See Missouri Laws 378.604
- Contract: A legal written agreement that becomes binding when signed.
- Laws: the society's articles of incorporation, constitution and bylaws, however designated. See Missouri Laws 378.604
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Rules: 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 Missouri Laws 378.604
- Society: a fraternal benefit society, unless otherwise indicated. See Missouri Laws 378.604
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 such benefit, except to the extent that funeral benefits may be paid as hereinbefore provided, shall be payable to the personal representative of the deceased insured, provided that if the owner of the certificate is other than the insured, such proceeds shall be payable to such owner.