N.Y. ISC Law § 4508

§ 4508. Beneficiaries. (a) The adult owner of a benefit contract shall\nhave the right at all times to change the beneficiary or beneficiaries\nin accordance with the laws or rules of the authorized society unless\nthe owner waives this right by specifically requesting in writing that\nthe beneficiary designations be irrevocable. Subject to the requirements\nand limitations of section three thousand two hundred five of this\nchapter, an authorized society may, through its laws or rules, limit the\nscope of beneficiary designations and shall provide that no revocable\nbeneficiary shall have or obtain any vested interest in the proceeds of\nany certificate until the certificate has become due and payable in\nconformity with the provisions of the benefit contract. Nothing herein\nshall prohibit the owner of a certificate from making an absolute\nassignment of the certificate.\n (b) The beneficiaries under contracts of insurance on the lives of\nchildren may be designated by the adult person authorized to make\napplication for such insurance. Unless otherwise provided by the\nconstitution or by-laws or the insurance certificate, any such member\nmay, on or after attaining the age of sixteen years, change any such\ndesignation.\n (c) An authorized society may make provision in its contract for the\npayment of life insurance or accidental death benefits to such person or\npersons as may be equitably entitled thereto by reason of having\nincurred reasonable expense occasioned by the maintenance, medical\nattention or burial of the member, provided the amount so paid shall not\nexceed five thousand dollars.\n (d) If at the death of any person insured under a benefit contract,\nthere is no lawful beneficiary to whom the proceeds shall be payable,\nthe amount of such proceeds, except to the extent that funeral benefits\nmay be paid as hereinbefore provided, shall be payable to the personal\nrepresentative of the deceased insured, provided that if the owner of\nthe certificate is other than the insured, such proceeds shall be\npayable to such owner. Notwithstanding any other provision of this\nchapter to the contrary, any insured member of an authorized society may\nvoluntarily designate the authorized society as the beneficiary of any\ninsurance contract for the purpose of any lawful activity of the\nauthorized society.\n