38.2-3330 - Payment of benefits. - Virginia Statutes

§ 38.2-3330. Payment of benefits.

Each group life insurance policy shall contain a provision that any sumpayable because of the death of the person insured shall be payable to thebeneficiary or beneficiaries designated by the person insured, subject to:

1. The provisions of the policy as to all or any part of such sum if there isno designated beneficiary living at the time of death of the person insured;and

2. Any right reserved by the insurer in the policy and set forth in thecertificate to pay a part of the sum, not exceeding $2,000, to any personappearing to the insurer to be equitably entitled thereto because of havingincurred funeral or other expenses incident to the death or last illness ofthe person insured.

(1960, c. 273, § 38.1-427.1; 1986, c. 562.)