Rights of spouse in life or disability policy




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20112820-1128.  Rights of spouse in life or disability policy

A.  The benefits payable upon the death of the insured and provided in any life or disability insurance policy made payable to or for the benefit of the spouse of the insured shall, unless contrary to the terms of the policy, inure upon their becoming payable, to the separate use and benefit of such spouse, but until the benefits become payable the insurer shall be entitled to deal with the insured or person designated in the policy as having control thereof with respect to the policy and all benefits thereof, including loan and cash surrender values, without first securing the consent of such spouse.

B.  The beneficial interest of a spouse in a life or disability insurance policy as to which a child of the spouse is the insured shall be deemed to be a community and not a separate interest unless expressly otherwise provided in the policy, but if the premiums paid to maintain the policy have been paid with separate funds or partly with separate and partly with community funds, the proceeds and avails of the policy shall constitute separate property in that proportion which the separate premiums paid bear to the total premiums paid.

C.  In any life or disability insurance policy issued upon the life of a spouse, the designation made by such spouse of a beneficiary in accordance with the terms of the policy shall create a presumption that the beneficiary was so designated with the consent of the other spouse, but only as to any beneficiary who is the child, grandchild, parent, brother or sister of either of the spouses.  The insurer may in good faith rely upon the representations made by the insured as to the relationship to him of any such beneficiary. 201128





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