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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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