40-453. Life insurance; insurable interest. (a) Determination of the existence and extent of the insurable interest under any life insurance policy shall be made at the time the contract of insurance becomes effective but need not exist at the time the loss occurs. In the case of life insurance policies issued or renewed for a specific term, an insurable interest shall not exist for any policy term with respect to any person previously insured by the policy who has, in writing, requested the insurer to terminate or nonrenew the insurance applicable to such person's life.
(b) Notwithstanding the provisions of subsection (a), an employer's or a trust's insurable interest in any employee, director or previous employee cannot be terminated by such employee, director or previous employee with respect to employee benefit plans described in 29 U.S.C. § 1002(3).
History: L. 1993, ch. 190, § 2; April 22.
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.