Kentucky Statutes 304.15-040 – Standard provisions required
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(1) No policy of life insurance other than pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by KRS § 304.15-050 to KRS § 304.15-170, inclusive. This section shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to disability benefits or to additional benefits in the event of death by accident or accidental means.
(2) Any of such provisions or portions thereof not applicable to single premium or nonparticipating or term policies or insurance granted in exchange for lapsed or surrendered policies, shall to that extent not be incorporated therein.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 4, effective June 18, 1970.
(2) Any of such provisions or portions thereof not applicable to single premium or nonparticipating or term policies or insurance granted in exchange for lapsed or surrendered policies, shall to that extent not be incorporated therein.
Terms Used In Kentucky Statutes 304.15-040
- 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.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 4, effective June 18, 1970.