40-605. Policy not contestable; assessment to pay policy on maturity; payment to beneficiary. - Kansas Statutes

40-605

Chapter 40.--INSURANCE Article 6.--MUTUAL ASSESSMENT LIFE ASSOCIATIONS

      40-605.   Policy not contestable; assessment to pay policy on maturity;payment to beneficiary.From and after January 1, 1928, it shall be unlawful for any associationto issue or deliver in this state a policy unless the same shall contain insubstance provision that except as otherwise expressly provided by law thepolicy shall be incontestable after it has been in force during thelifetime of the insured for a period not more than two years from its date,except for nonpayment of premiums and except for violations of theconditions of the policy relating to military and naval service in time ofwar, and at the option of the company, provisions relative to benefits inthe event of total and permanent disability and provisions which grantadditional insurance specifically against death by accident may also beexcepted; but upon the maturity of any policy or certificate, the secretaryof the association shall proceed to make the necessary assessment withwhich to raise funds to pay the same and upon receipt of such fund shallwithin thirty days pay the same over to the beneficiary under such maturingcertificate or policy.

      History:   L. 1927, ch. 231, 40-605; June 1.