KRS 304.15-360: Exceptions.

KRS 304.15-310 to 304.15-352, inclusive, shall not apply to any of the following:

(1) Reinsurance;

(2) Group insurance;

(3) Pure endowment;

(4) Annuity or reversionary annuity contract, except as provided in KRS 304.15-315;

(5) Term policy of uniform amoun t, which provides no guaranteed nonforfeiture or

endowment benefits, or renewal thereof, of twenty (20) years or less expiring before

age seventy -one (71) for which uniform premiums are payable during the entire

term of the policy;

(6) Term policy of decre asing amount, which provides no guaranteed nonforfeiture or

endowment benefits, on which each adjusted premium, calculated as specified in

KRS 304.15-350 and 304.15 -352, is less than the adjusted premium so calculated,

on a term policy of uniform amount, or renewal thereof, which provides no

guaranteed nonforfeiture or endowment benefits, issued at the same age and for the

same initial amount of insurance, and for a term of twenty (20) years or less

expiring before age seventy -one (71), for which uniform p remiums are payable

during the entire term of the policy;

(7) Policy, which provides no guaranteed nonforfeiture or endowment benefits, for

which no cash surrender value, if any, or present value of any paid -up nonforfeiture

benefit, at the beginning of an y policy year, calculated as specified in KRS 304.15 -

320, 304.15 -330, 304.15 -340 and 304.15 -342, exceeds two and one -half percent

(2.5%) of the amount of insurance at the beginning of the same policy year; nor to

any

(8) Policy which shall be delivered out side this state through an agent or other

representative of the insurer issuing the policy.

For purposes of determining the applicability of this section, the age at expiry for a joint

term life insurance policy shall be at the age at expiry of the oldest life.