There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 299 ASSESSMENT OR COOPERATIVE INSURANCE
299.140 Policy to state contract for payment -- Limit of amount -- Liability for payment.
Download pdfpromises to pay upon the contingency insured against, which shall not be larger than the
amount of one (1) assessment upon the entire membership, and shall specify the number
of days after satisfactory proof of the happening of the contingency at the end of which
payment shall be made. Upon the occurrence of the contingency, unless the contract has
been voided by fraud or for want of validity, the company shall be obligated to the
beneficiary for payment at the time and to the amount specified in the policy. This
indebtedness shall be a lien upon all the property, effects and bills receivable of the
company, with priority over all indebtedness thereafter incurred, except as otherwise
provided in the case of the distribution of assets of an insolvent company. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 676.
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