40-1514. Withdrawal by policyholder. Any member may withdraw from the company by surrendering his policy for cancellation, and by the full payment of the premium or note therefor, actually delivered to the company in cash, in which case the company shall retain the customary short rate. In case of loss, upon maturity of any note given as consideration the company may deduct such note in settlement of any claim which may arise. Cancellation by any company of its contract of insurance shall be made upon proper notice to the policyholder and by the return to the assured of the unearned premium.
History: L. 1927, ch. 231, 40-1514; June 1.
Structure Kansas Statutes
Article 15 - Mutual Hail Insurance Companies
40-1501 Formation of companies; membership fee.
40-1503 Application for insurance; premium; insured as members of company.
40-1504 Assessments; adjustment and payment of losses; losses paid when adjusted, when.
40-1505 Recovery of assessments; limitation of liability of member.
40-1506 Reserve fund; investment.
40-1507 Annual meeting; voting of members.
40-1508 Officers; election; term.
40-1509 Meetings of directors.
40-1511 Directors; election; vacancy.
40-1512 Policies; liability; membership.
40-1513 Misrepresentations by assured.
40-1514 Withdrawal by policyholder.
40-1515 Uniform rates for same class of risks.
40-1516 Unlawful acts of foreign companies; reinsurance therewith by domestic company prohibited.
40-1517 Attorney's fee in actions.