The officers of a company who refuse or neglect, for a period of sixty (60) days after the filing of satisfactory proof of the death of any policyholder, where the claim is not disputed on account of fraud or want of validity and where the death or emergency fund is not sufficient to pay the claim, to levy an assessment to provide for payment of the claim, shall thereby become liable to the beneficiary under the policy in a sum not exceeding the face of the claim.
Effective: October 1, 1942

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Terms Used In Kentucky Statutes 299.200

  • 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
  • Fraud: Intentional deception resulting in injury to another.

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 663.