KRS 304.15-150: Beneficiary, industrial policies.

An industrial life insurance policy shall have the name of the beneficiary designated

thereon or in the application or other form if attached to the policy, with a reservation of

the right to designate or change the beneficiary after the issuance of the po licy, unless

such beneficiary be irrevocably designated. The policy may also provide that no

designation or change of beneficiary shall be binding on the insurer until indorsed on the

policy by the insurer, and that the insurer may refuse to indorse the name of any proposed

beneficiary who does not appear to the insurer to have an insurable interest in the life of

the insured. The policy may also provide that if the beneficiary designated in the policy

does not make a claim under the policy or does not surr ender the policy with due proof of

death within the period stated in the policy, which shall not be less than thirty (30) days

after the death of the insured, or if the beneficiary is the estate of the insured, or is a

minor, or dies before the insured, or is not legally competent to give a valid release, then

the insurer may make any payment thereunder to the executor or administrator of the

insured, or to any relative of the insured by blood or legal adoption or connection by

marriage, or to any person ap pearing to the insurer to be equitably entitled thereto by

reason of having been named beneficiary, or by reason of having incurred expense for the

maintenance, medical attention or burial of the insured. The policy may also include a

similar provision applicable to any other payment due under the policy.