Nevada Revised Statutes 695A.210 – Beneficiaries; funeral benefits
1. The owner of a benefit contract has the right at all times to change any beneficiary in accordance with the laws or rules of the society, unless the owner waives that right by requesting in writing that the owner’s designation of a beneficiary be irrevocable. Every society by its laws or rules may limit the scope of a designation of a beneficiary and shall provide that a revocable beneficiary does not have or obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract.
Terms Used In Nevada Revised Statutes 695A.210
- 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
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A society may provide for the payment of funeral benefits to the extent of such portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled thereto by reason of having incurred expense occasioned by the burial of a member, but the portion so paid must not exceed $1,000.
3. If, at the death of any person insured under a benefit contract, there is no lawful beneficiary to whom the insurance benefits are payable, the amount of such benefits, except to the extent that funeral benefits may be paid as provided in subsection 2, are payable:
(a) To the estate of the deceased insured; or
(b) To the owner of the certificate if the owner is not the person insured under the benefit contract.