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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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