§432:2-402  Beneficiaries.  (a)  Theowner of a benefit contract shall have the right at all times to change thebeneficiary or beneficiaries in accordance with the laws or rules of thesociety, unless the owner waives this right by specifically requesting inwriting 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 make provision for thepayment of funeral benefits to the extent of such portion of any payment undera certificate as might reasonably appear to be due to any person equitablyentitled thereto by reason of having incurred expense occasioned by the burialof the member, provided the portion so paid shall not exceed the sum of $500.

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