KRS 304.14-070: Power to contract -- Purchase of insurance by minors.

(1) Any person of competent legal capacity may contract for insurance.

(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 shall, notwithstanding such minority, be deemed

competent to exercise all rights and powers with respect to or under:

(a) Any contract for annuity or for insurance upon his own life, body, or health, or

(b) Any contract such minor effected upon his own property, liabilities, or other

interests, or

(c) Any contract effected or owned by the minor on the person of another,

as might be exercised by a pe rson of full legal age, and may at any time surrender

his interest in any such contract and give valid discharge for any benefit accruing or

money payable thereunder. Such a minor shall not, by reason of his minority, be

entitled to rescind, avoid or repudiate the contract, nor to rescind, avoid or repudiate

any exercise of a right or privilege thereunder, except that such a minor not

otherwise emancipated, shall not be bound by any unperformed agreement to pay by

promissory note or otherwise, any premium o n any such annuity or insurance

contract.

(3) Any annuity contract or policy of life or health insurance procured by or for a minor

under subsection (2) of this section, shall be made payable either to the minor or his

estate or to a person having an insurable interest in the life of the minor.