US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1914.  BENEFICIARY -- INDUSTRIAL POLICIES. An industrial life insurance
policy shall have the name of the beneficiary designated thereon with a
reservation of the right to designate or change the beneficiary after the
issuance of the policy. The policy may also provide that no designation or
change of beneficiary shall be binding on the insurer until endorsed on the
policy by the insurer, and that the insurer may refuse to endorse the name of
any proposed beneficiary who does not appear to the insurer to have an
insurable interest in the life of the insured. The policy may also provide
that if the beneficiary designated in the policy does not make a claim under
the policy or does not surrender the policy with due proof of death within the
period stated in the policy, which shall not be less than thirty (30) days
after the death of the insured, or if the beneficiary is the estate of the
insured, or is a minor, or dies before the insured, or is not legally
competent to give a valid release, then the insurer may make any payment
thereunder to the executor or administrator of the insured, or to any relative
of the insured by blood or legal adoption or connection by marriage, or to any
person appearing to the insurer to be equitably entitled thereto by reason of
having been named beneficiary, or by reason of having incurred expense for the
maintenance, medical attention or burial of the insured. The policy may also
include a similar provision applicable to any other payment due under the
policy.