Printable Format40-416. Subsequent agreements. A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon condition that failure to comply with the terms of such agreement shall lapse the policy as provided in said agreement. Subject to such lien as may be created to secure any indebtedness contracted by the insured in consideration of such extension, said agreement shall not impair any right existing under the policy.
History: L. 1927, ch. 231, 40-416; June 1.
CASE ANNOTATIONS
1. Notice; extension agreement; additional notice not required and policy held lapsed. Brown v. Illinois Bankers Life Assur. Co., 144 Kan. 670, 672, 674, 675, 63 P.2d 165; Hildyard v. Mutual Life Ins. Co., 145 Kan. 197, 201, 64 P.2d 7.
2. Agreement for premium extension considered and policy held rightfully canceled. McMonagle v. Fidelity Mut. Life Ins. Co., 145 Kan. 816, 822, 67 P.2d 601.
3. Extension agreement made hereunder controls as against provisions of K.S.A. 40-411 and 40-412. Mauck v. Great American Life Ins. Co., 150 Kan. 636, 639, 640, 95 P.2d 325.
4. Construed; extension agreement shall not impair contract; policy rights continue unabated. Kenyon v. Mutual Life Ins. Co., 158 Kan. 150, 154, 155, 146 P.2d 650.
5. Subsequent agreement did not convert annual premium policy; notice provisions applicable. Mutual Life Ins. Co. of New York v. Weigel, 197 F.2d 656, 658, 659.
6. Notary's certificate of acknowledgment gives rise to the presumption of execution of mortgages; party against whom the presumption operates must overcome by clear and convincing evidence; judgment affirmed. McMurray v. Crawford, 3 Kan. App. 2d 329, 333, 336, 594 P.2d 1109.