                                 CODE OF VIRGINIA

BENEFICIARIES (§ 38.2-4117)

A. The owner of a benefit contract shall have the right at all times to change
the beneficiary or beneficiaries in accordance with the laws or rules of the
society unless the owner waives this right by specifically requesting in writing
that the beneficiary designation be irrevocable. A society may, through its laws
or rules, limit the scope of beneficiary designations and shall provide that no
revocable beneficiary shall 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.

B. A society may provide for the payment of funeral benefits from the proceeds
of a certificate of no more than $2,000 to any person equitably entitled to them
because of expenses incurred by the burial of the member.

C. If, at the death of any person insured under a benefit contract, there is no
lawful beneficiary to whom the proceeds are payable, the amount of such benefit,
except to the extent that funeral benefits may be paid as previously provided,
shall be payable to the personal representative of the deceased insured;
however, if the owner of the certificate is other than the insured, the proceeds
shall be payable to such owner.

HISTORY: Code 1950, §§ 38-284, 38.1-600; 1952, c. 317, § 38.1-638.32; 1968,
c. 654; 1972, c. 530; 1986, c. 562.