CHAPTER 553

An Act to amend the Code of Virginia by adding a section numbered
88.1-442.1, relating to designation of certain persons as beneficiaries
of life insurance policies.

(S 486]

Approved April 4, 1968

Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia be amended by adding a section numbered
38.1-442.1, as follows:

§ 88.1-442.1. No written designation of any trustee as beneficiary of
a policy of life insurance shall be invalid by virtue of the fact that the
trustee so designated may be appointed by the last will and testament of
the insured or of any other person then living, or by virtue of the fact
that the designation of such beneficiary may be conditional upon the exist-
ence of a valid will of any person at the death of the testator; but if there
shall be no valid will appointing such trustee, or if the trust provided by
such will shall be invalid for any other cause, the designation of such
trustee as beneficiary of the policy shall be of no force or effect, and the
policy proceeds shall then be payable according to any valid alternate
written designation of beneficiary made by the insured or by the owner of
the policy, if any, and if there be no such valid alternate designation of
beneficiary, to the personal representative of the insured or owner of the
policy, if the owner is other than the insured. Nothing herein shall be
deemed to authorize payment of such policy proceeds to any testamentary
trustee who is not otherwise qualified to act as such testamentary trustee;
but a qualified substitute trustee may be appointed to perform the trust
provided by the will.