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304.17-130 Person to whom indemnity payable.
(1)
(2)
There shall be a provision as follows:
"Payment of Claims: Indemnity for loss of life will be payable in accordance
with the beneficiary designation and the provisions respecting payment which may
be prescribed herein and effective at the time of payment. If no designation or
provision is then effective, any indemnity shall be payable to the estate of the
insured. Any other accrued indemnities unpaid at the insured's death may, at the
option of the insurer, be paid either to a beneficiary or to the estate. All other
indemnities will be payable to the insured."
The following provisions, or either of them, may be included with the foregoing
provision at the option of the insurer:
(a) "If any indemnity of this policy shall be payable to the estate of the insured, or
to an insured or beneficiary who is a minor or otherwise not competent to give
a valid release, the insurer may pay such indemnity, up to an amount not
exceeding $.... (insert an amount which shall not exceed $5,000), to any
relative by blood or connection by marriage of the insured or beneficiary who
is deemed by the insurer to be equitably entitled thereto. Any payment made
by the insurer in good faith pursuant to this provision shall fully discharge the
insurer to the extent of the payment."
(b) "Subject to any written direction of the insured in the application or otherwise
all or a portion of any indemnities provided by this policy on account of
hospital, nursing, medical, or surgical services may, at the insurer's option and
unless the insured requests otherwise in writing not later than the time of
filing proofs of the loss, be paid directly to the hospital or person rendering
services; but it is not required that the service be rendered by a particular
hospital or person."
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 483, sec. 20, effective July 15, 1998. -- Created
1970 Ky. Acts ch. 301, subtit. 17, sec. 13, effective June 18, 1970.
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