The policy shall include a beneficiary provision which shall describe the terms and conditions for designating or changing beneficiaries, or for selecting default beneficiaries, as needed, and indicating when such designation is effective. The policy shall state those changes in beneficiary, unless otherwise specified by the owner, subject to any payment made or action taken by the company prior to the receipt of this notice. If any reference to irrevocable beneficiaries is made in the policy, the same shall explain that such a beneficiary cannot be changed without the consent of the irrevocable beneficiary.\nHistory —Ins. Code, added as § 13.040 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
Puerto Rico Legal Code