Montana Code 33-7-521. Beneficiaries
33-7-521. Beneficiaries. (1) The owner of a benefit contract may 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 a revocable beneficiary may not have or obtain a vested interest in the proceeds of a certificate until the certificate becomes due and payable under the provisions of the benefit contract.
Terms Used In Montana Code 33-7-521
- 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: means the agreement for provision of authorized benefits described in 33-7-520. See Montana Code 33-7-108
- Certificate: means the document issued as written evidence of the benefit contract. See Montana Code 33-7-108
- Contract: A legal written agreement that becomes binding when signed.
- Laws: means the society's articles of incorporation, charter, constitution, and bylaws. See Montana Code 33-7-108
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Rules: means all rules, regulations, or resolutions that are adopted by the supreme governing body or board of directors and that are intended to have general application to the members of the society. See Montana Code 33-7-108
- Society: means a fraternal benefit society described in 33-7-105. See Montana Code 33-7-108
- Writing: includes printing. See Montana Code 1-1-203
(2)A society may make provision for the payment of funeral benefits of up to $500 under a certificate due to a person equitably entitled to payment for the burial of a member.
(3)If, at the death of any person insured under a benefit contract, there is no lawful beneficiary to whom the proceeds are payable, the amount of the benefit, except to the extent that funeral benefits may be paid as provided in subsection (2), is payable to the estate of the deceased. If the owner of the certificate is a person other than the insured, the proceeds are payable to the owner.