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40-449

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

40-449. Policies covering debtors, replacement by creditor; limitation oncontestation.Whenever any creditor substitutes or replaces a policy of life insurancecovering debtors of a creditor in exchange for charges collected from theinsured debtors, the insurance company issuing the replacement or substitutepolicy shall not be entitled to contest the payment of benefits in the event ofthe debtor's death to any greater extent than the replaced life insurance wouldhave been contestable by the insurer providing the replaced coverage had areplacement not occurred. This prohibition shall not apply to any amount ofinsurance provided by the replacement policy which exceeds the amount ofinsurance provided by the replaced policy.

History: L. 1990, ch. 156, § 1; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter40 > Article4 > Statutes_17253

40-449

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

40-449. Policies covering debtors, replacement by creditor; limitation oncontestation.Whenever any creditor substitutes or replaces a policy of life insurancecovering debtors of a creditor in exchange for charges collected from theinsured debtors, the insurance company issuing the replacement or substitutepolicy shall not be entitled to contest the payment of benefits in the event ofthe debtor's death to any greater extent than the replaced life insurance wouldhave been contestable by the insurer providing the replaced coverage had areplacement not occurred. This prohibition shall not apply to any amount ofinsurance provided by the replacement policy which exceeds the amount ofinsurance provided by the replaced policy.

History: L. 1990, ch. 156, § 1; July 1.

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State Codes and Statutes

Statutes > Kansas > Chapter40 > Article4 > Statutes_17253

40-449

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

40-449. Policies covering debtors, replacement by creditor; limitation oncontestation.Whenever any creditor substitutes or replaces a policy of life insurancecovering debtors of a creditor in exchange for charges collected from theinsured debtors, the insurance company issuing the replacement or substitutepolicy shall not be entitled to contest the payment of benefits in the event ofthe debtor's death to any greater extent than the replaced life insurance wouldhave been contestable by the insurer providing the replaced coverage had areplacement not occurred. This prohibition shall not apply to any amount ofinsurance provided by the replacement policy which exceeds the amount ofinsurance provided by the replaced policy.

History: L. 1990, ch. 156, § 1; July 1.