38.2-4117 - Beneficiaries. - Virginia Statutes

§ 38.2-4117. Beneficiaries.

A. The owner of a benefit contract shall have the right at all times tochange the beneficiary or beneficiaries in accordance with the laws or rulesof the society unless the owner waives this right by specifically requestingin writing that the beneficiary designation be irrevocable. A society may,through its laws or rules, limit the scope of beneficiary designations andshall provide that no revocable beneficiary shall have or obtain any vestedinterest in the proceeds of any certificate until the certificate has becomedue and payable in conformity with the provisions of the benefit contract.

B. A society may provide for the payment of funeral benefits from theproceeds of a certificate of no more than $2,000 to any person equitablyentitled to them because of expenses incurred by the burial of the member.

C. If, at the death of any person insured under a benefit contract, there isno lawful beneficiary to whom the proceeds are payable, the amount of suchbenefit, except to the extent that funeral benefits may be paid as previouslyprovided, shall be payable to the personal representative of the deceasedinsured; however, if the owner of the certificate is other than the insured,the proceeds shall be payable to such owner.

(Code 1950, §§ 38-284, 38.1-600; 1952, c. 317, § 38.1-638.32; 1968, c. 654;1972, c. 530; 1986, c. 562.)