Every policy issued by a company shall specify the sum of money that the company promises to pay upon the contingency insured against, which shall not be larger than the amount of one (1) assessment upon the entire membership, and shall specify the number of days after satisfactory proof of the happening of the contingency at the end of which payment shall be made. Upon the occurrence of the contingency, unless the contract has been voided by fraud or for want of validity, the company shall be obligated to the beneficiary for payment at the time and to the amount specified in the policy. This indebtedness shall be a lien upon all the property, effects and bills receivable of the company, with priority over all indebtedness thereafter incurred, except as otherwise provided in the case of the distribution of assets of an insolvent company.
Effective: October 1, 1942

Terms Used In Kentucky Statutes 299.140

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Fraud: Intentional deception resulting in injury to another.
  • Lien: A claim against real or personal property in satisfaction of a debt.

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 676.

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