40-421. Provisions insurance policy not to contain. From and after the first day of January, 1928, no policy of life insurance, other than industrial insurance, annuities and pure endowments with or without return of premiums or of premiums and interest, shall be issued or delivered in this state or be issued by a life insurance company organized under the laws of this state if it contain any of the following provisions:
(1) A provision by which the policy shall purport to be issued or take effect more than six months before the original application for the insurance was made.
(2) A provision for any mode of settlement at maturity after the expiration of the contestable period of the policy of less value than the amount insured on the face of the policy plus dividend additions, if any, less any indebtedness to the company on or secured by the policy, and less any premium that may by the terms of the policy be deducted. This paragraph shall not apply to any nonforfeiture provision which employs the method provided by subsection 6 of section 40-420 of this code less indebtedness, if any, to purchase automatic paid-up or extended insurance, nor to readjustment because of misstatement of age, nor to any liability in event of violation of the conditions described in paragraph (2) section 40-420.
(3) A provision for forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on such loan, while the total indebtedness on the policy, including interest, is less than the loan value thereof.
(4) A provision to the effect that the agent soliciting the insurance is the agent of the person insured under said policy, or making the acts or representations of such agent binding upon the person so insured under said policy.
(5) A provision to the effect that payment of dividends on any form of participating policies shall be deferred for more than five years.
History: L. 1927, ch. 231, 40-421; L. 1939, ch. 210, ยง 1; June 30.
Structure Kansas Statutes
Article 4 - General Provisions Relating To Life Insurance Companies
40-402 Paid-up capital stock, surplus; deposit of securities.
40-403b Same; foreign companies.
40-410 Cancellation of policy for nonpayment of premiums; notice, when; policyowner defined.
40-411 Notice of intention to cancel policy for nonpayment of premium; time for payment.
40-412 When action to be maintained on insurance contract.
40-413 Death of beneficiary in policy; duties of insurance company.
40-414 Exemption of interests in policies; exceptions.
40-414a Trust provisions in contracts; restrictions on alienation; exemptions.
40-415 Insurance to go to estate of insured when beneficiary dies before insured.
40-417 Fraud and perjury; penalty.
40-418 Materiality of misrepresentation in obtaining policy.
40-419 Tender of premiums with defense of misrepresentation.
40-419a Refund upon cancellation of individual term policy; calculation.
40-420 Contents of insurance policy; exceptions.
40-420a Policy loan interest rates; purpose.
40-420c Same; methods to determine interest rates; definitions.
40-420d Same; applicability to policies.
40-421 Provisions insurance policy not to contain.
40-422 Industrial life insurance; definitions.
40-423 Same; contents of industrial life insurance policy; exceptions; surrender.
40-424 Same; designation of beneficiary; change of; payments.
40-425 Same; cash surrender value and value of stipulated form to be equal.
40-426 Same; commissioner may authorize policies more favorable.
40-428 Standard nonforfeiture law.
40-429 Loan provisions in policies.
40-431 Definition of due date for the payment of premiums and of when premium in default.
40-433 Group life insurance; types of policies and requirements.
40-433a Same; provision granting employee right of assignment of benefits.
40-434 Same; policy provisions required.
40-435 Same; conversion privileges; notice.
40-439 Assignment of rights and privileges under life and accident and health insurance policies.
40-440 Same; act acknowledges existing right of assignment.
40-441 Designation of trustee under will as beneficiary of life insurance policy.
40-442 Issuance of life insurance policy; filing of form prior to issuance.
40-443 Same; approval of commissioner.
40-444 Same; disapproval of policy form; notice, requirements; hearing.
40-447 Payment of life insurance proceeds; interest required to be paid, when.
40-449 Policies covering debtors, replacement by creditor; limitation on contestation.
40-452 Life insurance; employer's insurable interest in employees; when.
40-453 Life insurance; insurable interest.
40-461 Structured settlement protection act; definitions.
40-462 Same; disclosure statement, contents.
40-463 Same; approval of transfer; required findings.
40-466 Same; limitations on provisions of transfer agreement.
40-467 Same; citation of act; applicability to workers compensation.
40-4,101 Standard nonforfeiture law for individual deferred annuities; citation of act.
40-4,103 Same; nonforfeiture requirements.
40-4,104 Same; minimum values; rules and regulations.
40-4,105 Same; computation of present value.
40-4,106 Same; calculation of cash surrender value.
40-4,107 Same; calculation of paid-up annuity benefits.
40-4,109 Same; disclosure of death benefits.
40-4,110 Same; inclusion of lapse of time considerations.
40-4,111 Same; proration of values; additional benefits.
40-4,112 Same; rules and regulations.
40-4,113 Same; effective date.