18A:66-123.Ā  Options as to payment of death benefits Any such group policy or policies shall provide that payment of any death benefits which are payable by the insurance company may be made in one sum directly to the beneficiary as hereinafter provided, in equal installments overĀ  a period of years or as a life annuity or in such other manner as may be madeĀ  available by the insurance company.Ā  A member may make such arrangements forĀ  settlement, and may alter from time to time during his lifetime any arrangementĀ  previously made, by making written request to the insurance company through theĀ  policyholder.Ā  Upon the death of a member, a beneficiary to whom a benefit isĀ  payable in one sum by the insurance company may likewise arrange for aĀ  settlement as described above. Any arrangement for payment under a groupĀ  policy to a beneficiary shall be in lieu of that provided by the sections ofĀ  this article establishing the benefits covered under such policy.
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L.1967, c.271.
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