378.617. Change of beneficiary, allowed--funeral benefits, payment of, limitation--no beneficiary, effect. - Missouri Statutes

Change of beneficiary, allowed--funeral benefits, payment of,limitation--no beneficiary, effect.

378.617. 1. The owner of a benefit contract shall have theright at all times to change the beneficiary or beneficiaries inaccordance with the laws or rules of the society unless the ownerwaives this right by specifically requesting in writing that thebeneficiary designation be irrevocable. A society, through itslaws or rules, may limit the scope of beneficiary designationsand shall provide that no revocable beneficiary shall have orobtain any vested interest in the proceeds of any certificateuntil the certificate has become due and payable in conformitywith the provisions of the benefit contract.

2. A society may make provision for the payment of funeralbenefits to the extent of such portion of any payment under acertificate as might reasonably appear to be due to any personequitably entitled thereto by reason of having incurred expenseoccasioned by the burial of the member, provided the portion sopaid shall not exceed the sum of one thousand dollars.

3. If, at the death of any person insured under a benefitcontract, there is no lawful beneficiary to whom the proceedsshall be payable, the amount of such benefit, except to theextent that funeral benefits may be paid as hereinbeforeprovided, shall be payable to the personal representative of thedeceased insured, provided that if the owner of the certificateis other than the insured, such proceeds shall be payable to suchowner.

(L. 1992 S.B. 831)

Effective 1-1-93