KRS 304.15-050: Payment of premiums -- Return of policy.

(1) There shall be a provision relating to the time and place of payment of premiums.

(2) 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) day s after its receipt to the company or to the agent through whom it was

purchased. Immediately upon any such delivery, or mailing, of the policy to the

company or agent, the policy will be deemed void from its inception and any

premium paid for such policy shall be promptly returned to the policyowner by the

company. This subsection shall not apply to policies of credit life insurance and

policies issued under tax qualified pension plans.