KRS 304.15-190: Grace period -- Annuities.

In an annuity or pure endowment contract, other than a reversionary, survivorship or

group annuity, there shall be a provision that there shall be a period of grace of one (1)

month, but not less than thirty (30) days, within which any stipulated payment t o the

insurer falling due after the first may be made, subject, at the option of the insurer, to an

interest charge thereon at a rate to be specified in the contract for the number of days of

grace elapsing before such payment, during which period of grace the contract shall

continue in full force; but in case a claim arises under the contract on account of death

prior to expiration of the period of grace before the overdue payment to the insurer or the

deferred payments of the current contract year, if any , are made, the amount of such

payments, with interest on any overdue payments, may be deducted from any amount

payable under the contract in settlement.