Beneficiary Designations; Funeral Benefits; Payment Upon Death of Person Without Lawful Beneficiary

  1. Law
  2. Georgia Code
  3. Insurance
  4. Fraternal Benefit Societies
  5. Benefit Contracts
  6. Beneficiary Designations; Funeral Benefits; Payment Upon Death of Person Without Lawful Beneficiary

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  1. 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.
  2. 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.
  3. 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) of this Code section, shall be payable to the estate of the deceased insured the same as other property not exempt, provided that if the owner of the certificate is other than the insured, such proceeds shall be payable to such owner.

(Code 1981, §33-15-61, enacted by Ga. L. 1993, p. 1744, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 36 Am. Jur. 2d, Fraternal Orders and Benefit Societies, § 116.

ALR.

- Surrender and return of benefit certificate as condition of change of beneficiaries, 1 A.L.R. 971.

Right to change beneficiary of mutual benefit certificate as affected by payment of premiums, or other consideration moving original beneficiary, 18 A.L.R. 383.

Disposition of benefit fund in benefit society on failure of beneficiary in absence of specific provision for such contingency, 31 A.L.R. 762.

Divorce of insured and beneficiary as affecting the latter's right in life insurance, 52 A.L.R. 386; 175 A.L.R. 1220.


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