Skip to content
Insurance Pass
Start Free
State statute · Kentucky

Life Insurance and Annuity Contracts

KRS Chapter 304, Subtitle 15, selected sections

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 15 - Life Insurance and Annuity Contracts (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 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 § 304.15-070 (Entire Contract)
    “There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is indorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained...”
  • KRS § 304.15-070 (Entire contract)
    “There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is indorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained...”
  • KRS § 304.15-020(7) (Definitions - fraudulent life settlement act)
    “(7) "Fraudulent life settlement act" includes: (a) Acts or omissions committed by any person who, knowingly or with intent to defraud, for the purpose of depriving another of property or for pecuniary gain, commits or permits his employees or its agents to engage in acts including: 1. Presenting,...”
  • KRS § 304.15-060 (Grace period)
    “The insurer may impose an interest charge for the number of days of grace elapsing before the payment of the premium, and, whether or not such interest charge is imposed, if a claim arises under the policy during such period of grace, the amount of any premium due or overdue, together with interest...”
  • KRS § 304.15-020(17)(c) (Definitions - life settlement contract exclusions)
    “"Life settlement contract" does not include: 1. A policy loan by a life insurance company pursuant to the terms of the life insurance policy or accelerated death provisions contained in the life insurance policy, whether issued with the original policy or as a rider;”
  • KRS § 304.15-050(2) (Payment of premiums -- Return of policy)
    “There shall be a provision which shall state in substance that the policy may be returned by the policyowner to the company, within a period of not less than ten (10) days after its receipt to the company or to the agent through whom it was purchased. Immediately upon any such delivery, or mailing,...”
  • KRS § 304.15-040 (Standard Provisions Required)
    “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 304.15-170, inclusive. This...”
  • KRS § 304.15-010 (Scope of Subtitle 15)
    “The provisions of this subtitle apply only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.”
  • KRS § 304.15-075(3) (Notice of policy owner's rights)
    “(3) For each policy issued, the life insurance company shall provide the notice required by subsection (1) of this section to the owner of an individual life insurance policy: (a) When the insured is sixty (60) years of age or older; or (b) If the insurer has been notified that the insured person...”
  • KRS 304.15-020(16) (Definitions -- "Life settlement broker")
    “(16) "Life settlement broker" or "broker" means an individual, partnership, corporation, or other person who is working exclusively on behalf of an owner and for a fee, commission, or other valuable consideration, offers or advertises the availability of life settlements, introduces an owner to...”
  • KRS 304.15-020(19) (Definitions -- "Owner")
    “(19) "Owner" means a resident of this Commonwealth who is the owner of a policy or a certificate holder under a group policy who enters or seeks to enter into a life settlement contract. An owner shall not be limited to an owner of a life insurance policy or a certificate holder under a group...”
  • KRS 304.15-020(21) (Definitions -- "Wholesale life insurance")
    “(21) "Wholesale life insurance" is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued to the employees of any employer and where policies are issued on the lives of not less than four (4)...”

Practice this material

Kentucky Life & Health practice test

Questions about this source

KRS Chapter 304, Subtitle 15 - Life Insurance and Annuity Contracts (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 cite this document.

More Kentucky sources

See all Kentucky sources →