58-17-26 Payment of claims--Persons to whom benefits payable--Provision required in policy.
Payment of claims--Persons to whom benefits payable--Provision required in
There shall be a provision as follows: "Payment of claims: Indemnity for loss of life will be
payable in accordance with the beneficiary designation and the provisions respecting such payment
which may be prescribed herein and effective at the time of payment. If no such designation or
provision is then effective, such indemnity shall be payable to the estate of the insured. Any other
accrued indemnities unpaid at the insured's death may, at the option of the insurer, be paid either to
such beneficiary or to such estate. All other indemnities will be payable to the insured."
Source: SL 1966, ch 111, ch 25, § 12.