155(1)Where a beneficiary predeceases the person whose life is insured, and no disposition of the share of the deceased beneficiary in the insurance money is provided in the contract or by a declaration, the share is payable
(a)
to the surviving beneficiary, or
(b)
if there is more than one surviving beneficiary, to the surviving beneficiaries, in equal shares, or
(c)
if there is no surviving beneficiary, to the insured or his personal representative.
155(2)Where two or more beneficiaries are designated otherwise than alternatively, but no division of the insurance money is made, the insurance money is payable to them in equal shares.