Kan. Admin. Regs. § 40-2-7 - Life insurance companies and fraternal benefit associations; lapse of policies providing for automatic term insurance or fractional paid-up insurance; notice to policyholders required
(a) Each life
insurance company and fraternal benefit association writing contracts of
insurance on Kansas citizens shall give written notice to its insureds upon the
lapse of any insurance policy which provides for either automatic term
insurance or fractional paid-up insurance.
(b) The following rules of notice shall be
observed:
(1) The notice shall be sent to
residents of Kansas only.
(2) The
notice shall be sent within six months after the due date of the premium in
default.
(3) The notice shall be
sent only if paid-up or extended insurance value was available at date of
lapse.
(4) A notice regarding
lapse of industrial insurance shall be sent only if the premiums have been paid
for three years or more.
(5) The
notice shall show the amount of fractional paid-up insurance.
(6) A notice regarding lapse of extended term
insurance need not show the amount of insurance. However, the notice shall
show:
(A) The date of expiration; or
(B) the date of lapse and period
of extension.
Notes
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