Standard provisions required in life insurance policies

What this document is

Kan. Stat. Ann. s. 40-420: Standard provisions required in life insurance policies is a state statute published by Kansas Office of Revisor of Statutes. It is one of the Kansas documents that insurance license exam questions are written from, including kansas life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Kan. Stat. Ann. § 40-420(1) (Grace Period)

  “the insured is entitled to a grace period of not less than 30 days within which time the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force.”

• Kan. Stat. Ann. § 40-420(2) (Entire Contract; Incontestability)

  “shall constitute the entire contract between the parties and shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than two years from its date, except for nonpayment of premiums and except for violations of the conditions, if any, relating to...”

• Kan. Stat. Ann. § 40-420(3) (Misstatement of Age)

  “the amount payable under the policy shall be such as the premium would have purchased at the correct age or ages, according to the company's published rate at date of issue.”

• Kan. Stat. Ann. § 40-420(5) (Policy Loan Provision)

  “after the premium shall have been paid for three years, the company at any time, while the policy is in force, will advance, on proper assignment or pledge of the policy and on the sole security thereof, at a specified rate of interest not to exceed 8% per annum, a sum equal to, or at the option of...”

• Kan. Stat. Ann. § 40-420(9) (Contestability After Reinstatement)

  “(9) A provision that if in event of default in premium payments the value of the policy shall have been applied to the purchase of other insurance as provided in this section, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and...”

• Kan. Stat. Ann. § 40-420(9) (Reinstatement)

  “the policy may be reinstated within three years from such default, upon evidence of insurability satisfactory to the company and payment of arrears of premiums and the payment or reinstatement of any other indebtedness to the company upon its policy, with interest on its premium at the rate of not...”

• Kan. Stat. Ann. § 40-420(1) (Grace Period Provision)

  “In case the policy becomes a claim during the grace period, the amount of any overdue premium and any remaining unpaid installments of the annual premium for the policy year of death may be deducted in any settlement under the policy.”

• Kan. Stat. Ann. § 40-420(3) (Misstatement of Age Provision)

  “A provision that if it shall be found at any time before final settlement under the policy, that the age of the insured or the age of any other person considered in determining the premium has been misstated, the amount payable under the policy shall be such as the premium would have purchased at...”

• Kan. Stat. Ann. § 40-420(9) (Reinstatement Provision)

  “and that such reinstated policy shall be contestable only on account of fraud or misrepresentation of material facts pertaining to the reinstatement; for the same period of time after reinstatement as provided in the policy with respect to original issue.”

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