{"data":{"id":"us-ky/krs-304.14-300","jurisdiction":"us-ky","citation":"KRS 304.14-300","heading":"Exemptions of proceeds, life insurance.","body":"(1) If a policy of insurance whether heretofore or hereafter issued, is effected by any\nperson on his own life, or on another life, in favor of a person other than himself, or,\nexcept in cases of transfer with intent to defraud creditors, if a policy of life\ninsurance is assigned or in any way made payable to any such person, the lawful\nbeneficiary or assignee thereof, other than the insured or the person so effecting\nsuch insurance or executors or administrators of such insured or the person so\neffecting such insurance, shall be entitled to its proceeds and avails against the\ncreditors and representatives of the insured and of the person effecting the same,\nwhether or not the right to change the beneficiary is reserved or permitted and\nwhether or not the policy  is made payable to the person whose life is insured if the\nbeneficiary or assignee shall predecease such person, and such proceeds and avails\nshall be exempt from all liability for any debt of the beneficiary existing at the time\nthe policy is made availa ble for his use: provided, that subject to the statute of\nlimitations, the amount of any premiums for such insurance paid with intent to\ndefraud creditors, with interest thereon, shall inure to their benefit from the\nproceeds of the policy; but the insurer  issuing the policy shall be discharged of all\nliability thereon by payment of its proceeds in accordance with its terms, unless,\nbefore such payment, the insurer shall have received written notice at its principal\noffice, by or in behalf of a creditor, of  a claim to recover for transfer made or\npremiums paid with intent to defraud creditors, with specification of the amount\nclaimed.\n(2) For the purposes of subsection (1) of this section, a policy shall also be deemed to\nbe payable to a person other than th e insured if and to the extent that a facility -of-\npayment clause or similar clause in the policy permits the insurer to discharge its\nobligation after the death of the individual insured by paying the death benefits to a\nperson as permitted by such clause.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17150","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:43Z","sha256":"66b2ab055d2925b18d662afaa53759fe8bd9e4b194270b2eb67844d18a3e42b0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.14-290","next":"us-ky/krs-304.14-310"},"notice":"GroundRules: Original legal text. Not legal advice."}