2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 512B - FRATERNAL BENEFIT SOCIETIES
512B.17 - BENEFICIARIES.

        512B.17  BENEFICIARIES.
         1.  The owner of a benefit contract may change the beneficiary or
      beneficiaries in accordance with the laws or regulations 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 regulations, limit the scope of
      beneficiary designations and shall provide that a revocable
      beneficiary shall not have or obtain a vested interest in the
      proceeds of a certificate until the certificate has become due and
      payable in conformity with the benefit contract.
         2.  A society may make provision for the payment of funeral
      benefits to the extent of the portion of a payment under a
      certificate which reasonably appears to be due to a person equitably
      entitled to the benefit by reason of having incurred expense
      occasioned by the burial of the member.  However, the portion so paid
      shall not exceed the sum of one thousand dollars.
         3.  If, at the death of a 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 pursuant to subsection 2, shall be payable to the estate of
      the deceased insured the same as other property not exempt.  However,
      if the owner of the certificate is other than the insured, the
      proceeds are payable to the owner.  

         90 Acts, ch 1148, §18