Cap. 16 Art. 1712GWaiver of interest and loss of benefit by beneficiary.

(1) Upon the waiver by a beneficiary of a benefit under a contract of insurance, such beneficiary’s interest shall vest in the policyholder if there are no other designated beneficiaries. In the event that there are other designated beneficiaries such interest shall vest in the other beneficiaries to their interest. This pro rata provision shall not apply to a group policy which shall be governed by the express terms of the scheme under which it is issued.

(2) The contract of life insurance shall cease to have effect with regard to the policyholder or a designated beneficiary who has been sentenced by a court for the grievious bodily harm or wilful homicide of the policyholder or the life insured as the case may be. Furthermore, if the designated beneficiary has made an attempt on the life of the policyholder or the life insured, and in the cases referred to in article 1787, subject always to the provisions of article 1791, the policyholder shall be entitled to revoke the designation without the consent of the beneficiary or his successors in title, even if the beneficiary has accepted in terms of article 1712D.