Section 4508. Beneficiaries

(a) The adult 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  authorized  society  unless
  the  owner  waives this right by specifically requesting in writing that
  the beneficiary designations be irrevocable. Subject to the requirements
  and limitations of section three  thousand  two  hundred  five  of  this
  chapter, an authorized 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.  Nothing  herein
  shall  prohibit  the  owner  of  a  certificate  from making an absolute
  assignment of the certificate.
    (b) The beneficiaries under contracts of insurance  on  the  lives  of
  children  may  be  designated  by  the  adult  person authorized to make
  application  for  such  insurance.  Unless  otherwise  provided  by  the
  constitution  or  by-laws  or the insurance certificate, any such member
  may, on or after attaining the age of sixteen  years,  change  any  such
  designation.
    (c)  An  authorized society may make provision in its contract for the
  payment of life insurance or accidental death benefits to such person or
  persons as may  be  equitably  entitled  thereto  by  reason  of  having
  incurred  reasonable  expense  occasioned  by  the  maintenance, medical
  attention or burial of the member, provided the amount so paid shall not
  exceed five thousand dollars.
    (d) If at the death of any person insured under  a  benefit  contract,
  there  is  no  lawful beneficiary to whom the proceeds shall be payable,
  the amount of such proceeds, except to the extent that funeral  benefits
  may  be  paid as hereinbefore provided, shall be payable to the personal
  representative of the deceased insured, provided that if  the  owner  of
  the  certificate  is  other  than  the  insured,  such proceeds shall be
  payable to such owner.  Notwithstanding  any  other  provision  of  this
  chapter to the contrary, any insured member of an authorized society may
  voluntarily  designate  the authorized society as the beneficiary of any
  insurance contract for  the  purpose  of  any  lawful  activity  of  the
  authorized society.