Section 38.2-3330 - Payment of benefitsEach group life insurance policy shall contain a provision that any sum payable because of the death of the person insured shall be payable to the beneficiary or beneficiaries designated by the person insured, subject to:
1. The provisions of the policy as to all or any part of such sum if there is no designated beneficiary living at the time of death of the person insured; and2. Any right reserved by the insurer in the policy and set forth in the certificate to pay a part of the sum, not exceeding $2,000, to any person appearing to the insurer to be equitably entitled thereto because of having incurred funeral or other expenses incident to the death or last illness of the person insured.1960, c. 273, § 38.1-427.1; 1986, c. 562.Amended by Acts 1986, § c. 562.Amended by Acts 1960, § c. 273, § 38.1-427.1.