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§ 8-430. Changes to beneficiaries in certificate and payment of funeral benefits

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 4. Fraternal Benefit Societies (Refs & Annos)
Part III. Benefits
MD Code, Insurance, § 8-430
§ 8-430. Changes to beneficiaries in certificate and payment of funeral benefits
Currentness
Changes to beneficiaries in certificate
(a)(1) A member of a society may change the beneficiary in a certificate at any time in accordance with the laws or rules of the society.
(2) By its laws or rules, a society:
(i) may limit the scope of beneficiaries; and
(ii) shall provide that a beneficiary may not have or get a vested interest in the proceeds of a certificate until the certificate becomes due and payable under the insurance contract.
Payment of funeral benefits
(b)(1) A society may provide for the payment of funeral benefits, not exceeding $5,000, to the extent of that part of any payment under a certificate that reasonably appears to be due to a person equitably entitled to reimbursement of expenses incurred by the burial of a member.
(2)(i) Subject to subparagraph (ii) of this paragraph, if at the death of a member there is no lawful beneficiary to whom the insurance benefits are payable, the society shall pay to the personal representative of the deceased member the insurance benefits under the certificate, less any funeral benefits paid under paragraph (1) of this subsection.
(ii) If the owner of the certificate is other than the insured, the proceeds shall be payable to that owner.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 183, § 1, eff. Jan. 1, 1998.
Formerly Art. 48A, § 327.
MD Code, Insurance, § 8-430, MD INSURANCE § 8-430
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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