KRS 304.15-045: Letter of acceptance and financing agreement to be part of college life

insurance policy.

No college life insurance policy shall be sold or delivered in this Commonwealth unless

the following provisions are complied with:

(1) A letter of acceptance, on a form approved by the commissioner, is presented to the

proposed insured, setting forth the conditions concerning the financing agreement,

the due date of the note, the amount of the note, the annual rate of interest on the

note, and the annual premium on the policy;

(2) The acceptance letter must be signed by the proposed insured, agreeing that he has

read and understands the conditions, a copy to be retained by the insured, and a

copy to be retained by the agent and company;

(3) A copy of a financin g arrangement is to be attached to and made a part of the

contract.