{"data":{"id":"us-ky/krs-299.140","jurisdiction":"us-ky","citation":"KRS 299.140","heading":"Policy to state contract for payment -- Limit of amount -- Liability for","body":"payment.\nEvery policy issued by a company shall specify the sum of money that the company\npromises to pay upon the contingency insured against, which shall not be larger than the\namount of one (1) assessment upon the entire membership, and shall specify the number\nof days after satisfactory proof of the happening of the contingency at the end of which\npayment shall be made. Upon the occurrence of the contingency, unless the contra ct has\nbeen voided by fraud or for want of validity, the company shall be obligated to the\nbeneficiary for payment at the time and to the amount specified in the policy. This\nindebtedness shall be a lien upon all the property, effects and bills receivable of the\ncompany, with priority over all indebtedness thereafter incurred, except as otherwise\nprovided in the case of the distribution of assets of an insolvent company.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15835","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:26Z","sha256":"4e6e31befb8d0214df006d0e1c4cbf40beae47df74068db29f553209f9539f5f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.130","next":"us-ky/krs-299.150"},"notice":"GroundRules: Original legal text. Not legal advice."}