§432:2-402  Beneficiaries.  (a)  The
owner of a benefit contract shall have the right at all times to change the
beneficiary or beneficiaries in accordance with the laws or rules 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 rules, limit the scope of beneficiary designations and
shall provide that no revocable beneficiary shall have or obtain any vested
interest in the proceeds of any certificate until the certificate has become
due and payable in conformity with the provisions of the benefit contract.



(b)  A society may make provision for the
payment of funeral benefits to the extent of such portion of any payment under
a certificate as might reasonably appear to be due to any person equitably
entitled thereto by reason of having incurred expense occasioned by the burial
of the member, provided the portion so paid shall not exceed the sum of $500.



(c)  If, at the death of any person insured
under a benefit contract, there is no lawful beneficiary to whom the proceeds
shall be payable, the amount of such benefit, except to the extent that funeral
benefits may be paid as provided in subsection (b), shall be payable to the
personal representative of the deceased insured, provided that if the owner of
the certificate is other than the insured, such proceeds shall be payable to
such owner. [L 1987, c 347, pt of §2]