1. 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 policy,
unless such beneficiary is irrevocably designated.
2. The policy may also provide that:
(a) No designation or change of beneficiary shall be binding on the insurer until
endorsed on the policy by the insurer, and that the insurer may refuse to endorse
the name of any proposed beneficiary who does not appear to the insurer to have an
insurable interest in the life of the insured.
(b) If the beneficiary designated in the policy does not make a claim under the policy
or does not surrender the policy with due proof of death within the period stated
in the policy, which shall not be less than 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 appearing 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.
3. The policy may also include a similar provision applicable to any other payment
due under the policy.
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