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State statute · Kentucky

KRS Chapter 304, Subtitle 12, Secs. 304.12-010 through 304.12-237: Trade Practices and Frauds

Publisher
Kentucky Legislative Research Commission
Edition
Kentucky Revised Statutes, current through the 2025 regular session
Last checked
2026-08-31
Status
US state statute
Edition and licensing notes

Publisher. Kentucky Legislative Research Commission (apps.legislature.ky.gov)

Status. US state statute; public domain.

Read the official textPractice questions from this source

What this document is

KRS Chapter 304, Subtitle 12 - Trade Practices and Frauds (Secs. 304.12-010 through 304.12-237) is a state statute published by Kentucky Legislative Research Commission (apps.legislature.ky.gov). It is one of the Kentucky documents that insurance license exam questions are written from, including kentucky life & health, kentucky property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

  • KRS § 304.12-050 (Advertisement of Assets, Liabilities)
    “Any advertisement or other dissemination of information by or on behalf of an insurer stating the insurer's assets shall in the same connection and with equal conspicuousness, state the insurer's liabilities, computed on the same basis. Any such statement purporting to show the insurer's capital...”
  • KRS § 304.12-020(1) (Advertisements in general)
    “No person shall make or disseminate orally or in other manner any advertisement, information, matter, statement, or thing: (1) Misrepresenting the terms of any policy or the benefits or advantages thereof or dividends or share of surplus to be received thereon, or setting forth false or misleading...”
  • KRS § 304.12-060 (Defamation)
    “No person shall make, publish, disseminate or circulate directly or indirectly, or aid, abet or encourage the making, publishing, disseminating or circulating of any oral or written statement or any pamphlet, circular, article or literature which is false, or maliciously critical of or derogatory...”
  • KRS § 304.12-040(2) (False Financial Statements)
    “No person shall make any false entry in any record, report or statement of any insurer or other person required to have records under this code, with intent to deceive the commissioner or any examiner lawfully appointed to examine into its affairs, or with like intent willfully omit to make a true...”
  • KRS § 304.12-080(1) (Unfair discrimination prohibited - general scope)
    “No insurer, other than a life insurer or health insurer, shall make or permit any unfair discrimination in favor of particular persons, or between insureds or subjects of insurance having substantially like insuring risk, and exposure factors, or expense elements, in the terms or conditions of any...”
  • KRS § 304.12-080(3) (Unfair discrimination prohibited - health insurance)
    “No insurer shall make or permit any unfair discrimination between individuals of the same class involving essentially the same hazards in the amount of premium, policy fees, or rates charged for any policy or contract of health insurance or in the benefits payable thereunder, or in any of the terms...”
  • KRS § 304.12-013(4)(e) (Prohibited unfair or deceptive practices in the writing of insurance)
    “An insurer may ask whether an applicant for an insurance contract has been tested positive for human immunodeficiency virus infection or other health conditions derived from such infection. Insurers shall not inquire whether the applicant has been tested for or has received a negative result from a...”
  • KRS § 304.12-035(5) (Beneficiaries' Bill of Rights: inactive retained asset accounts)
    “An insurer shall immediately return any remaining balance held in a retained asset account to the beneficiary when the account becomes inactive. A retained asset account shall become inactive for purposes of this subsection if no funds are withdrawn from the account, or if no affirmative directive...”
  • KRS § 304.12-080(2) (Unfair discrimination prohibited - life insurance and annuities)
    “No insurer shall make or permit any unfair discrimination between individuals of the same class and equal expectation of life in the rates charged for any contract of life insurance or of life annuity or in the dividends or other benefits payable thereon, or in any other of the terms and conditions...”
  • KRS § 304.12-035(2)(b) (Beneficiaries' Bill of Rights: lump-sum payment disclosure)
    “(b) A beneficiary shall be informed, prior to the distribution of any life insurance proceeds, of his or her right to receive a lump-sum payment of life insurance proceeds in the form of a bank check or other form of immediate full payment of benefits.”
  • KRS § 304.12-035(4)(b) (Beneficiaries' Bill of Rights: filing and disapproval of account materials)
    “All marketing materials, disclosure statements, and supplemental contract forms utilized in connection with retained asset accounts shall be filed with the Department of Insurance prior to their use. The commissioner shall disapprove any materials, statements, or forms submitted under this section...”
  • KRS § 304.12-030(4) (Replacement of life insurance; twisting prohibited)
    “No person shall make or issue, or cause to be made or issued, any written or oral statement of a material fact which is untrue or omit to state a material fact necessary in order to make the statements made, in the light of circumstances under which they were made, not misleading with respect to...”

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Questions about this source

KRS Chapter 304, Subtitle 12 - Trade Practices and Frauds (Secs. 304.12-010 through 304.12-237) is a state statute published by Kentucky Legislative Research Commission (apps.legislature.ky.gov). Edition: Kentucky Revised Statutes, current through the 2025 regular session.

No. This page summarizes the document and links to the official version. Always rely on the text published by Kentucky Legislative Research Commission (apps.legislature.ky.gov) for the current law.

Practice questions for Kentucky Life & Health, Kentucky Property & Casualty cite this document.

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