Maine Revised Statutes Title 24-A Sec. 2716 – Change of beneficiary
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1. There shall be a provision as follows:
Change of beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change the beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to any change of beneficiary or beneficiaries, or to any other changes in this policy.
[PL 1969, c. 132, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2716
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- insured: as used in this chapter , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. See Maine Revised Statutes Title 24-A Sec. 2731
2. The first clause of the above provision relating to the irrevocable designation of beneficiary may be omitted at the insurer’s option.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).