304.15-150 Beneficiary, industrial policies.
An industrial life insurance policy shall have the name of the beneficiary designated
thereon or in the application or other form if attached to the policy, with a reservation of
the right to designate or change the beneficiary after the issuance of the policy, unless
such beneficiary be irrevocably designated. The policy may also provide that no
designation or change of beneficiary shall be binding on the insurer until indorsed on the
policy by the insurer, and that the insurer may refuse to indorse the name of any proposed
beneficiary who does not appear to the insurer to have an insurable interest in the life of
the insured. The policy may also provide that if the beneficiary designated in the policy
does not make a claim under the policy or does not surrender the policy with due proof of
death within the period stated in the policy, which shall not be less than thirty (30) days
after the death of the insured, or if the beneficiary is the estate of the insured, or is a
minor, or dies before the insured, or is not legally competent to give a valid release, then
the insurer may make any payment thereunder to the executor or administrator of the
insured, or to any relative of the insured by blood or legal adoption or connection by
marriage, or to any person appearing to the insurer to be equitably entitled thereto by
reason of having been named beneficiary, or by reason of having incurred expense for the
maintenance, medical attention or burial of the insured. The policy may also include a
similar provision applicable to any other payment due under the policy.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 15, effective June 18, 1970.
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