Ch. 36

1995 LAWS OF MARYLAND

(2) THIS SUBSECTION APPLIES TO CERTIFICATES FOR WHICH RESERVES
ARE COMPUTED ON:

(I)      THE COMMISSIONERS 1941 STANDARD ORDINARY MORTALITY
TABLE;

(II)     THE COMMISSIONERS 1941 STANDARD INDUSTRIAL TABLE;

(III)   THE COMMISSIONERS 1958 STANDARD ORDINARY MORTALITY
TABLE; OR

(IV)    ANY MORTALITY TABLE THAT IS AUTHORIZED FOR USE
UNDER § 5-304(B) OF THIS ARTICLE FOR POLICIES ISSUED ON OR AFTER THE
OPERATIVE DATE OF § 15-309 [48A § 414(K-1)] OF THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 326.

Defined terms: "Annuity" § 1-101
"Annuity contract" § 1-101
"Insurance" § 1-101
"Insurance contract" § 1-101
"Insurer" § 1-101
"Policy" § 1-101
"Premium" § 1-101
"Society" § 8-401

8-430. BENEFICIARIES; FUNERAL EXPENSES; PAYMENT OF BENEFITS TO PERSONAL
REPRESENTATIVE.

(A)     BENEFICIARIES.

(1)      A MEMBER OF A SOCIETY MAY CHANGE THE BENEFICIARY IN A
CERTIFICATE AT ANY TIME IN ACCORDANCE WITH THE CONSTITUTION, LAWS, OR
RULES OF THE SOCIETY.

(2)      BY ITS CONSTITUTION, LAWS, OR RULES, A SOCIETY:

(I)       MAY LIMIT THE SCOPE OF BENEFICIARIES; AND

(II)     SHALL PROVIDE THAT A BENEFICIARY MAY NOT HAVE OR GET
A VESTED INTEREST IN THE PROCEEDS OF A CERTIFICATE UNTIL THE CERTIFICATE
BECOMES DUE AND PAYABLE UNDER THE INSURANCE CONTRACT.

(B)     FUNERAL BENEFITS; PAYMENT TO PERSONAL REPRESENTATIVE.

(1) A SOCIETY MAY PROVIDE FOR THE PAYMENT OF FUNERAL
BENEFITS, NOT EXCEEDING $2,500, TO THE EXTENT OF THAT PART OF ANY PAYMENT
UNDER A CERTIFICATE THAT REASONABLY APPEARS TO BE DUE TO A PERSON
EQUITABLY ENTITLED TO REIMBURSEMENT OF EXPENSES INCURRED BY THE
BURIAL OF A MEMBER.

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