Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured’s estate, appearing to the insurer to be equitably entitled thereto, sums held by it and comprising:

Terms Used In Washington Code 48.23.320

  • 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
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) Premiums paid in advance, and which premiums did not fall due prior to such death, or funds held on deposit for the payment of future premiums.
(2) Dividends theretofore declared on the policy and held by the insurer under the insured’s option.
(3) Dividends becoming payable on or after the death of the insured.
[1947 c 79 § .23.32; Rem. Supp. 1947 § 45.23.32.]
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