“Insurance” is a contract whereby one undertakes to pay or indemnify another as to loss from certain specified contingencies or perils called “risks,” or to pay or grant a specified amount or determinable benefit or annuity in connection with ascertainable risk contingencies, or to act as surety.
Effective: June 18, 1970
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Terms Used In Kentucky Statutes 304.1-030

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.

History: Created 1970 Ky. Acts ch. 301, subtit. 1, sec. 3, effective June 18, 1970.

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