In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate specified in the contract, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Effective: June 18, 1970
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Terms Used In Kentucky Statutes 304.15-240

  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Year: means calendar year. See Kentucky Statutes 446.010

History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 24, effective June 18, 1970.

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