Kansas Statutes 40-437. Same; application of other laws; variable life contracts, provisions required; reserve liability requirements
Terms Used In Kansas Statutes 40-437
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
Except for subsections (1), (4), (5), (6), (7), (8), (9) and (11) of Kan. Stat. Ann. § 40-420; subsections (1), (2) and (3) of Kan. Stat. Ann. § 40-421; Kan. Stat. Ann. § 40-427, 40-428, 40-428a, 40-429 and subsection (1) of Kan. Stat. Ann. § 40-434, and except as otherwise provided in this act, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance or annuity contract, delivered or issued for delivery in this state shall contain grace, reinstatement and nonforfeiture provisions appropriate to such a contract. Any group variable life insurance contract, delivered or issued for delivery in this state, shall contain a grace provision appropriate to such a contract. The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.