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23-81-120. Life insurance — Unnamed beneficiaries prohibited.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-120. Life insurance — Unnamed beneficiaries prohibited.
(a) No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.
(b) This provision shall not be deemed to prohibit:
(1) The payment to policyholders or beneficiaries of sums representing in whole or in part gains to the insurer from mortality either in general or as resulting from particular classifications of policies;
(2) Family policies insuring unspecified members of a family; or
(3) Payments to unspecified beneficiaries of a class named by the insured.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-120
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-81-120
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b66235b4d378882e7e085f2ea233ea6fc6b7dc48dcd826aac84737e75a2a4afe
Source location: content.xml paragraph 48824
Stored source content
23-81-120. Life insurance — Unnamed beneficiaries prohibited.
(a) No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.
(b) This provision shall not be deemed to prohibit:
(1) The payment to policyholders or beneficiaries of sums representing in whole or in part gains to the insurer from mortality either in general or as resulting from particular classifications of policies;
(2) Family policies insuring unspecified members of a family; or
(3) Payments to unspecified beneficiaries of a class named by the insured.
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