Death of beneficiary before policy holder

(1) Where under section 111, by a contract or by a declaration, filed with the insurance company, a person has been named as beneficiary under a policy and the person so named as beneficiary under a policy predeceases the policy holder and no provision is made in the contract or agreement or declaration for the disposition of moneys payable under the policy in the event of the beneficiary predeceasing the policyholder, then, without limiting or affecting the application of section 112, the moneys payable under the policy shall vest in the following persons in the following order– (a) in the surviving beneficiary, if any; (b) in the surviving beneficiaries in equal shares, if there is more than one surviving beneficiary; and (c) in the policyholder or his personal representatives, if there are no surviving (2) Where two or more beneficiaries are designated otherwise than alternatively, and no provision is made as to the quantum of their respective shares of the moneys payable under the policy, then, they are entitled to the moneys in equal shares.