Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-423.Same; contents of industrial life insurance policy;exceptions; surrender.From and after the first day of July, 1947, no policy of industrial lifeinsurance shall be delivered or issued for delivery in this state,unless the same shall contain, in substance, the following provisions,and shall be subject to the provisions of this act:
(1) A provision that the insured is entitled to a grace period offour weeks within which the payment of any premium after the first maybe made, during which period of grace the policy shall continue in fullforce, but in case the policy becomes a claim during said grace periodbefore the overdue premiums are paid, the amount of overdue premiums maybe deducted in any settlement under the policy.
(2) A provision that all premiums shall be payable in advance,either at the office of the company or to a duly authorized agent of thecompany.
(3) A provision that, except as otherwise expressly provided by law,the policy together with the application, if a copy thereof be endorsedthereupon or attached to the policy, shall constitute the entirecontract between the parties.
(4) A provision that the policy shall be incontestable after it hasbeen in force during the lifetime of the insured for a period of notmore than two years from its date, except for nonpayment of premiums andexcept for violations of conditions, if any, relating to naval ormilitary service in time of war or to aeronautics and, except also atthe option of the company, with respect to provisions relative tobenefits in the event of total and permanent disability and provisionswhich grant additional insurance specifically against death by accidentor accidental means.
(5) A provision that if it shall be found at any time before finalsettlement under the policy, that the age of the insured or the age ofany other person considered in determining the premium has beenmisstated, the amount payable under the policy shall be such as thepremium would have purchased at the correct age or ages, according tothe company's published rate at date of issue.
(6) If a participating policy, a provision indicating the conditionsunder which the company shall annually ascertain and apportion anydivisible surplus accruing on the policy.
(7) A provision for nonforfeiture benefits (which may be astipulated form of insurance) in accordance with the requirements ofsubsection (b) of K.S.A. 40-427 or 40-428.
(8) If more than one option is provided, a provision as to which ofsuch options shall apply in the event of the insured's failure to notifythe company of his selection of an option.
(9) A provision for cash surrender values in accordance with therequirements of subsection (b) of K.S.A. 40-427 or40-428.
(10) A table showing in figures the nonforfeiture options availableunder the policy every year upon default in payment of premiums duringat least the first twenty years of the policy, or during thepremium-paying period if less than twenty years, and a provision thatthe company will furnish upon request an extension of such table beyondthe years shown in the policy.
(11) A provision that if in event of default in premium payments thevalue of the policy shall have been applied to the purchase of otherinsurance as provided in this section, and if such insurance shall be inforce and the original policy shall not have been surrendered to thecompany and canceled, the policy may be reinstated within two years fromsuch default, upon evidence of insurability satisfactory to the companyand payment of arrears of premiums and the payment or reinstatement ofany other indebtedness to the company upon said policy, with interest onsaid premiums and indebtedness at a rate of not exceeding six percentumper annum payable annually, and that such reinstated policy may becontestable on account of fraud or misrepresentations of material factspertaining to the reinstatement only for the same period of time afterreinstatement as provided in the policy with respect to original issue.
(12) A provision that when a policy shall become a claim by thedeath of the insured, settlement shall be made upon receipt of due proofof death.
(13) A title on the face and on the back of the policy, brieflydescribing its form.
Any of the foregoing provisions or portions thereof, not applicableto single-premium or nonparticipating or term policies, shall to thatextent not be incorporated therein. The provisions of this section shallnot apply to policies issued or granted in exchange for lapsed orsurrendered policies: Provided, That any stipulated form ofinsurance provided for under subsection (7) of this section, may besurrendered for a cash surrender value, in an amount and under theconditions specified in subsection (b) of K.S.A. 40-427 or40-428 (the standard nonforfeiture law).
History: L. 1941, ch. 258, § 2; L. 1947, ch. 277, § 6; July 1.
Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-423.Same; contents of industrial life insurance policy;exceptions; surrender.From and after the first day of July, 1947, no policy of industrial lifeinsurance shall be delivered or issued for delivery in this state,unless the same shall contain, in substance, the following provisions,and shall be subject to the provisions of this act:
(1) A provision that the insured is entitled to a grace period offour weeks within which the payment of any premium after the first maybe made, during which period of grace the policy shall continue in fullforce, but in case the policy becomes a claim during said grace periodbefore the overdue premiums are paid, the amount of overdue premiums maybe deducted in any settlement under the policy.
(2) A provision that all premiums shall be payable in advance,either at the office of the company or to a duly authorized agent of thecompany.
(3) A provision that, except as otherwise expressly provided by law,the policy together with the application, if a copy thereof be endorsedthereupon or attached to the policy, shall constitute the entirecontract between the parties.
(4) A provision that the policy shall be incontestable after it hasbeen in force during the lifetime of the insured for a period of notmore than two years from its date, except for nonpayment of premiums andexcept for violations of conditions, if any, relating to naval ormilitary service in time of war or to aeronautics and, except also atthe option of the company, with respect to provisions relative tobenefits in the event of total and permanent disability and provisionswhich grant additional insurance specifically against death by accidentor accidental means.
(5) A provision that if it shall be found at any time before finalsettlement under the policy, that the age of the insured or the age ofany other person considered in determining the premium has beenmisstated, the amount payable under the policy shall be such as thepremium would have purchased at the correct age or ages, according tothe company's published rate at date of issue.
(6) If a participating policy, a provision indicating the conditionsunder which the company shall annually ascertain and apportion anydivisible surplus accruing on the policy.
(7) A provision for nonforfeiture benefits (which may be astipulated form of insurance) in accordance with the requirements ofsubsection (b) of K.S.A. 40-427 or 40-428.
(8) If more than one option is provided, a provision as to which ofsuch options shall apply in the event of the insured's failure to notifythe company of his selection of an option.
(9) A provision for cash surrender values in accordance with therequirements of subsection (b) of K.S.A. 40-427 or40-428.
(10) A table showing in figures the nonforfeiture options availableunder the policy every year upon default in payment of premiums duringat least the first twenty years of the policy, or during thepremium-paying period if less than twenty years, and a provision thatthe company will furnish upon request an extension of such table beyondthe years shown in the policy.
(11) A provision that if in event of default in premium payments thevalue of the policy shall have been applied to the purchase of otherinsurance as provided in this section, and if such insurance shall be inforce and the original policy shall not have been surrendered to thecompany and canceled, the policy may be reinstated within two years fromsuch default, upon evidence of insurability satisfactory to the companyand payment of arrears of premiums and the payment or reinstatement ofany other indebtedness to the company upon said policy, with interest onsaid premiums and indebtedness at a rate of not exceeding six percentumper annum payable annually, and that such reinstated policy may becontestable on account of fraud or misrepresentations of material factspertaining to the reinstatement only for the same period of time afterreinstatement as provided in the policy with respect to original issue.
(12) A provision that when a policy shall become a claim by thedeath of the insured, settlement shall be made upon receipt of due proofof death.
(13) A title on the face and on the back of the policy, brieflydescribing its form.
Any of the foregoing provisions or portions thereof, not applicableto single-premium or nonparticipating or term policies, shall to thatextent not be incorporated therein. The provisions of this section shallnot apply to policies issued or granted in exchange for lapsed orsurrendered policies: Provided, That any stipulated form ofinsurance provided for under subsection (7) of this section, may besurrendered for a cash surrender value, in an amount and under theconditions specified in subsection (b) of K.S.A. 40-427 or40-428 (the standard nonforfeiture law).
History: L. 1941, ch. 258, § 2; L. 1947, ch. 277, § 6; July 1.
Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES
40-423.Same; contents of industrial life insurance policy;exceptions; surrender.From and after the first day of July, 1947, no policy of industrial lifeinsurance shall be delivered or issued for delivery in this state,unless the same shall contain, in substance, the following provisions,and shall be subject to the provisions of this act:
(1) A provision that the insured is entitled to a grace period offour weeks within which the payment of any premium after the first maybe made, during which period of grace the policy shall continue in fullforce, but in case the policy becomes a claim during said grace periodbefore the overdue premiums are paid, the amount of overdue premiums maybe deducted in any settlement under the policy.
(2) A provision that all premiums shall be payable in advance,either at the office of the company or to a duly authorized agent of thecompany.
(3) A provision that, except as otherwise expressly provided by law,the policy together with the application, if a copy thereof be endorsedthereupon or attached to the policy, shall constitute the entirecontract between the parties.
(4) A provision that the policy shall be incontestable after it hasbeen in force during the lifetime of the insured for a period of notmore than two years from its date, except for nonpayment of premiums andexcept for violations of conditions, if any, relating to naval ormilitary service in time of war or to aeronautics and, except also atthe option of the company, with respect to provisions relative tobenefits in the event of total and permanent disability and provisionswhich grant additional insurance specifically against death by accidentor accidental means.
(5) A provision that if it shall be found at any time before finalsettlement under the policy, that the age of the insured or the age ofany other person considered in determining the premium has beenmisstated, the amount payable under the policy shall be such as thepremium would have purchased at the correct age or ages, according tothe company's published rate at date of issue.
(6) If a participating policy, a provision indicating the conditionsunder which the company shall annually ascertain and apportion anydivisible surplus accruing on the policy.
(7) A provision for nonforfeiture benefits (which may be astipulated form of insurance) in accordance with the requirements ofsubsection (b) of K.S.A. 40-427 or 40-428.
(8) If more than one option is provided, a provision as to which ofsuch options shall apply in the event of the insured's failure to notifythe company of his selection of an option.
(9) A provision for cash surrender values in accordance with therequirements of subsection (b) of K.S.A. 40-427 or40-428.
(10) A table showing in figures the nonforfeiture options availableunder the policy every year upon default in payment of premiums duringat least the first twenty years of the policy, or during thepremium-paying period if less than twenty years, and a provision thatthe company will furnish upon request an extension of such table beyondthe years shown in the policy.
(11) A provision that if in event of default in premium payments thevalue of the policy shall have been applied to the purchase of otherinsurance as provided in this section, and if such insurance shall be inforce and the original policy shall not have been surrendered to thecompany and canceled, the policy may be reinstated within two years fromsuch default, upon evidence of insurability satisfactory to the companyand payment of arrears of premiums and the payment or reinstatement ofany other indebtedness to the company upon said policy, with interest onsaid premiums and indebtedness at a rate of not exceeding six percentumper annum payable annually, and that such reinstated policy may becontestable on account of fraud or misrepresentations of material factspertaining to the reinstatement only for the same period of time afterreinstatement as provided in the policy with respect to original issue.
(12) A provision that when a policy shall become a claim by thedeath of the insured, settlement shall be made upon receipt of due proofof death.
(13) A title on the face and on the back of the policy, brieflydescribing its form.
Any of the foregoing provisions or portions thereof, not applicableto single-premium or nonparticipating or term policies, shall to thatextent not be incorporated therein. The provisions of this section shallnot apply to policies issued or granted in exchange for lapsed orsurrendered policies: Provided, That any stipulated form ofinsurance provided for under subsection (7) of this section, may besurrendered for a cash surrender value, in an amount and under theconditions specified in subsection (b) of K.S.A. 40-427 or40-428 (the standard nonforfeiture law).
History: L. 1941, ch. 258, § 2; L. 1947, ch. 277, § 6; July 1.
