Kentucky Statutes 304.14-430 – Policy cover sheet — Commissioner approval
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(1) All insurance policies subject to the provisions of KRS § 304.14-420 to KRS § 304.14-450 shall contain as the first page or first page of text, if it is preceded by a title page or pages, a cover sheet or sheets as provided in this section. The cover sheet or sheets shall be printed in legible type and readable language and shall contain at least the following:
(a) A brief statement that the policy is a legal contract between the policy owner and the company;
(b) The statement “READ YOUR POLICY CAREFULLY. This cover sheet provides only a brief outline of some of the important features of your policy. This cover sheet is not the insurance contract and only the actual policy provisions will control. The policy itself sets forth, in detail, the rights and obligations of both you and your insurance company. IT IS THEREFORE IMPORTANT THAT YOU READ YOUR POLICY.” and
(c) An index of the major provisions of the policy or contract and the pages on which they are found which may include the following items:
1. The person or persons insured by the policy;
2. The applicable events, occurrences, conditions, losses, or damages covered by the policy;
3. The limitations or conditions on the coverage of the policy;
4. Definitional sections of the policy;
5. Provision governing the procedure for filing a claim under the policy;
6. Provisions governing cancellation, renewal, or amendment of the policy by either the insurer or the policyowner;
7. Any options under the policy; and
8. Provisions governing the insurer’s duties and powers in the event that suit is filed against the insured.
(2) The cover sheet may include, either as part of the index or as a separate section, a brief summary of the extent and types of coverage in the policy.
(3) No cover sheet shall be used unless it has been filed with and approved by the commissioner. The cover sheet shall be deemed approved sixty (60) days after filing unless disapproved by the commissioner within the sixty (60) day period, subject to a reasonable extension of times as the commissioner may require by notice given within the sixty (60) day period. The commissioner shall disapprove any cover sheet which does not meet the requirements of this section. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1156, effective July 15, 2010. — Amended 2002 Ky. Acts ch. 304, sec. 9, effective July 15, 2002. — Created 1988 Ky. Acts ch. 225, sec. 13, effective July 15, 1988.
(a) A brief statement that the policy is a legal contract between the policy owner and the company;
Terms Used In Kentucky Statutes 304.14-430
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
(b) The statement “READ YOUR POLICY CAREFULLY. This cover sheet provides only a brief outline of some of the important features of your policy. This cover sheet is not the insurance contract and only the actual policy provisions will control. The policy itself sets forth, in detail, the rights and obligations of both you and your insurance company. IT IS THEREFORE IMPORTANT THAT YOU READ YOUR POLICY.” and
(c) An index of the major provisions of the policy or contract and the pages on which they are found which may include the following items:
1. The person or persons insured by the policy;
2. The applicable events, occurrences, conditions, losses, or damages covered by the policy;
3. The limitations or conditions on the coverage of the policy;
4. Definitional sections of the policy;
5. Provision governing the procedure for filing a claim under the policy;
6. Provisions governing cancellation, renewal, or amendment of the policy by either the insurer or the policyowner;
7. Any options under the policy; and
8. Provisions governing the insurer’s duties and powers in the event that suit is filed against the insured.
(2) The cover sheet may include, either as part of the index or as a separate section, a brief summary of the extent and types of coverage in the policy.
(3) No cover sheet shall be used unless it has been filed with and approved by the commissioner. The cover sheet shall be deemed approved sixty (60) days after filing unless disapproved by the commissioner within the sixty (60) day period, subject to a reasonable extension of times as the commissioner may require by notice given within the sixty (60) day period. The commissioner shall disapprove any cover sheet which does not meet the requirements of this section. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1156, effective July 15, 2010. — Amended 2002 Ky. Acts ch. 304, sec. 9, effective July 15, 2002. — Created 1988 Ky. Acts ch. 225, sec. 13, effective July 15, 1988.