Any group life insurance policy or policies shall provide that payment of any death
benefits payable by the insurance company may be made in one sum directly to the beneficiary
as hereinafter provided, in equal installments over a period of years or as a life
annuity or in such other manner as may be made available by the insurance company. A participant may make such arrangements for settlement, and may alter from time
to time during life any arrangement previously made, by making written request to
the insurance company through the policyholder. Upon the death of the participant, a beneficiary to whom a benefit is payable in
one sum by the insurance company may likewise arrange for a settlement as described
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