KRS 304.17-080: Reinstatement.

(1) There shall be a provision as follows:

"Reinstatement: If any renewal premium be not paid within the time granted

the insured for payment, a subsequent acceptance of premium by the insurer or by

any agent duly authorized by the insurer to accept such premium, without requiring

in connection the rewith an application for reinstatement, shall reinstate the policy:

provided, however, that if the insurer or such agent requires an application for

reinstatement and issues a conditional receipt for the premium tendered, the policy

will be reinstated upo n approval of such application by the insurer or, lacking such

approval, upon the forty -fifth day following the date of such conditional receipt

unless the insurer has previously notified the insured in writing of its disapproval of

such application. The r einstated policy shall cover only loss resulting from such

accidental injury as may be sustained after the date of reinstatement and loss due to

such sickness as may begin more than ten (10) days after such date. In all other

respects the insured and insur er shall have the same rights thereunder as they had

under the policy immediately before the due date of the defaulted premium, subject

to any provisions indorsed hereon or attached hereto in connection with the

reinstatement. Any premium accepted in conne ction with a reinstatement shall be

applied to a period for which premium has not been previously paid, but not to any

period more than sixty (60) days prior to the date of reinstatement."

(2) The last sentence of the provision contained in subsection (1) of this section may be

omitted from any policy which the insured has the right to continue in force subject

to its terms by the timely payment of premiums (a) until at least age fifty (50) or, (b)

in the case of a policy issued after age forty-four (44), for at least five (5) years from

its date of issue.