299.140 Policy to state contract for payment -- Limit of amount -- Liability for payment. Every policy issued by a company shall specify the sum of money that the company promises to pay upon the contingency insured against, which shall not be larger than the amount of one (1) assessment upon the entire membership, and shall specify the number of days after satisfactory proof of the happening of the contingency at the end of which payment shall be made. Upon the occurrence of the contingency, unless the contract has been voided by fraud or for want of validity, the company shall be obligated to the beneficiary for payment at the time and to the amount specified in the policy. This indebtedness shall be a lien upon all the property, effects and bills receivable of the company, with priority over all indebtedness thereafter incurred, except as otherwise provided in the case of the distribution of assets of an insolvent company. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 676.
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