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State statute · Kentucky

KRS Chapter 304, Subtitle 14, selected sections: The Insurance Contract

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 14 - The Insurance Contract (selected sections) 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 § 304.14-110 (Representations in applications)
    “All statements and descriptions in any application for an insurance policy or annuity contract, by or on behalf of the insured or annuitant, shall be deemed to be representations and not warranties.”
  • KRS § 304.14-170 (Charter, bylaw provisions - incorporation by reference invalid)
    “No policy shall contain any provision, purporting to make any portion of the charter, bylaws or other constituent document of the insurer (other than the subscriber's agreement or power of attorney of a reciprocal insurer) a part of the contract unless such portion is set forth in full in the...”
  • KRS § 304.14-040(2) (Insurable interest)
    “No person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under the contract are payable to the individual insured or his personal representatives, or to a person having, at the time when the contract was made, an...”
  • KRS § 304.14-110 (Misrepresentations in Applications)
    “Misrepresentations, omissions, and incorrect statements shall not prevent a recovery under the policy or contract unless either: (1) Fraudulent; or (2) Material either to the acceptance of the risk, or to the hazard assumed by the insurer;”
  • KRS § 304.14-020 ("Policy" defined)
    “"Policy" means the written contract of, or written agreement for, or effecting insurance, by whatever name called, and includes all clauses, riders, indorsements and papers which are attached thereto.”
  • KRS § 304.14-110 (Representations in Applications)
    “All statements and descriptions in any application for an insurance policy or annuity contract, by or on behalf of the insured or annuitant, shall be deemed to be representations and not warranties.”
  • KRS § 304.14-140(2) (Standard provisions - approved substitute provision)
    “No policy shall contain any provision inconsistent with or contradictory to any standard or uniform provision used or required to be used, but the commissioner may approve any substitute provision which is, in his or her opinion, not less favorable in any particular to the insured or beneficiary...”
  • KRS § 304.14-090(3) (Alteration of Application)
    “An insurer issuing a policy upon an application which has been unlawfully altered by its officer, employee, or agent shall not have available in any action arising out of such policy, any defense based upon the fact of such alteration, or as to any item which was so altered.”
  • KRS § 304.14-120(3)(b) (Withdrawal of approved form - effective date after notice)
    “Any withdrawal of a previously approved filing shall be effective not less than thirty (30) days after the insurer receives notice of the withdrawal, as the commissioner shall in such notice prescribe.”
  • KRS 304.14-030 ("Premium" defined -- "Late charge" authorized)
    “"Premium" is the consideration for insurance, by whatever name called. Any "assessment," or any "membership," "policy," "survey," "inspection," "service" or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. In addition to the ordinary premium...”
  • KRS 304.14-050(1), (2) (Insurable interest -- Exception when certain institutions designated beneficiary)
    “(1) Life insurance contracts may be entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational, or religious institutions, or their agencies, are designated irrevocably as the...”
  • KRS 304.14-070(2) (Power to contract -- Purchase of insurance by minors)
    “(2) Any minor not less than fifteen (15) years of age may, notwithstanding his minority, contract for or own annuities, or insurance upon his own life, body, health, property, liabilities, or other interests, or on the person of another in whom the minor has an insurable interest. Such a minor...”

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Questions about this source

KRS Chapter 304, Subtitle 14 - The Insurance Contract (selected sections) 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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