Kentucky Statutes 299.150 – Insurable age — Insurable interest — Change of beneficiary
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(1) No company shall issue a policy upon the life of any person more than sixty (60) years of age, but in case of the transfer or reinsurance of members as provided in KRS § 299.210 the foregoing limit of age shall not apply to members who have reached sixty (60) years since their membership began.
(2) No company shall issue a policy upon any life in which the beneficiary named has no interest, and any assignment of a policy to a person having no interest in the insured life shall be void.
(3) A policyholder may at any time, with the consent of the company, make a change in his beneficiary, without the consent of the beneficiary.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 670, 678.
(2) No company shall issue a policy upon any life in which the beneficiary named has no interest, and any assignment of a policy to a person having no interest in the insured life shall be void.
Terms Used In Kentucky Statutes 299.150
- 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
(3) A policyholder may at any time, with the consent of the company, make a change in his beneficiary, without the consent of the beneficiary.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 670, 678.