339. An employer who is personally liable for the payment of benefits may enter into an agreement with the beneficiary concerning the mode of payment of the income replacement indemnity or the death benefit provided for in section 101 or the first paragraph of section 102; the agreement takes effect only with the Commission’s approval.
Failing an agreement approved by the Commission, it may require the employer to pay an indemnity according to the mode of payment specified by the Commission in accordance with Division VI of Chapter III.