N.Y. Insurance Law § 4508: Beneficiaries

§ 4508. Beneficiaries. (a) The adult 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 authorized society unless

the owner waives this right by specifically requesting in writing that

the beneficiary designations be irrevocable. Subject to the requirements

and limitations of section three thousand two hundred five of this

chapter, an authorized 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. Nothing herein

shall prohibit the owner of a certificate from making an absolute

assignment of the certificate.

(b) The beneficiaries under contracts of insurance on the lives of

children may be designated by the adult person authorized to make

application for such insurance. Unless otherwise provided by the

constitution or by-laws or the insurance certificate, any such member

may, on or after attaining the age of sixteen years, change any such

designation.

(c) An authorized society may make provision in its contract for the

payment of life insurance or accidental death benefits to such person or

persons as may be equitably entitled thereto by reason of having

incurred reasonable expense occasioned by the maintenance, medical

attention or burial of the member, provided the amount so paid shall not

exceed five thousand dollars.

(d) 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 proceeds, except to the extent that funeral benefits

may be paid as hereinbefore provided, 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. Notwithstanding any other provision of this

chapter to the contrary, any insured member of an authorized society may

voluntarily designate the authorized society as the beneficiary of any

insurance contract for the purpose of any lawful activity of the

authorized society.