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Report No. 82

5.14. Right of designated beneficiary.-

The right of the designated beneficiary in U.S.A. is regarded as a vested property right. In view of the fact that the law reserves to the insured the right to change the beneficiary of a National Service Life Insurance Policy,1 the beneficiary named has no vested right in policies prior to the death of the insured, but, when the insured dies without having changed the beneficiary, the rights of the named beneficiary becomes vested.2

1. Para. 5.13, supra.

2. Mc Canum v. Sichan, (C.A. Minn.) (1954), 811 F. ed 708, cited in USCA (1979), Title 38, p. 361, under "National Service Life Insurance".

Effect of Nomination under Section 39 of the Insurance Act, 1938 Back

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