§431:10D-114  Miscellaneous proceeds. Upon the death of the insured and except as is otherwise expressly provided bythe policy or premium deposit agreement, a life insurer may pay to thesurviving spouse, children, beneficiary, or person other than the insured'sestate, appearing to the insurer to be equitably entitled to such payment, sumsthen held by it and comprising:

(1)  Premiums paid in advance, if such premiums didnot fall due prior to the death, or funds held on deposit for the payment offuture premiums.

(2)  Dividends theretofore declared on the policy andheld by the insurer under the insured's option.

(3)  Dividends becoming payable on or after the deathof the insured. [L 1987, c 347, pt of §2]