Washington Code 48.36A.170 – Designation of beneficiary — Funeral benefits
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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.
Terms Used In Washington Code 48.36A.170
- 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 benefits authorized by RCW 48. See Washington Code 48.36A.040
- Certificate: means the document issued as written evidence of the benefit contract. See Washington Code 48.36A.040
- Contract: A legal written agreement that becomes binding when signed.
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Washington Code 48.36A.040
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Rules: means 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 Washington Code 48.36A.040
- Society: means fraternal benefit society, unless otherwise indicated. See Washington Code 48.36A.040
(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 paid shall not exceed the sum of one thousand dollars.
(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 under this section, 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 the owner.
[ 1987 c 366 § 17.]