207(1)Unless otherwise provided in the policy, an insured may in a contract or by a declaration designate his personal representative or a beneficiary to receive insurance money payable in the event of death by accident, and may from time to time alter or revoke the designation by declaration.

207(2)A designation in an instrument purporting to be a will is not ineffective by reason only of the fact that the instrument is invalid as a will or that the designation is invalid as a bequest under the will.

207(3)A designation in a will is of no effect against a designation made later than the making of the will.

207(4)If a designation is contained in a will and subsequently the will is revoked by operation of law or otherwise, the designation is thereby revoked.

207(5)If a designation is contained in an instrument that purports to be a will and subsequently the instrument, if it had been valid as a will would have been revoked by operation of law or otherwise, the designation is thereby revoked.