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393.062 Presumption of abandonment of unclaimed funds held by life
insurance corporation.
(1)
(2)
"Unclaimed funds," as used in this section, means all moneys held and owing
by any life insurance corporation unclaimed and unpaid for more than three (3)
years after the moneys became due and payable as established from the
records of the corporation under any contract which has matured or terminated.
A life insurance policy not matured by actual proof of the death of the insured is
deemed to be matured and the proceeds thereof are deemed to be due and
payable if such policy was in force when the insured attained the limiting age
under the mortality table on which the reserve is based, unless the person
appearing entitled thereto has within the preceding three (3) years, (a)
assigned, readjusted, or paid premiums on the policy, or subjected the policy to
loan, or (b) corresponded in writing with the life insurance corporation
concerning the policy. Moneys otherwise payable according to the records of
the corporation are deemed due and payable although the policy or contract
has not been surrendered as required.
Unclaimed funds, as defined in this section, held and owing by a life insurance
corporation shall be presumed abandoned if the last known address, according
to the records of the corporation, of the person entitled to the funds is within
this state. If a person other than the insured or annuitant is entitled to the funds
and no address of such person is known to the corporation or if it is not definite
and certain from the records of the corporation what person is entitled to the
funds, it is presumed that the last known address of the person entitled to the
funds is the same as the last known address of the insured or annuitant
according to the records of corporation.
Effective:June 24, 2003
History: Amended 2003 Ky. Acts ch. 95, sec. 8, effective June 24, 2003. -- Created
1960 Ky. Acts ch. 142, sec. 2, effective June 16, 1960.
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