{"data":{"id":"us-ky/krs-304.15-312","jurisdiction":"us-ky","citation":"KRS 304.15-312","heading":"Policies without cash surrender value.","body":"(1) Notwithstanding the provisions of KRS 304.15-310(1)(b) and (d), companies which\ncomply with the provisions of KRS 304.15 -342 may issue policies of life insurance\nwhich differ from their existing or currently filed policies only in that they do not\nprovide for any cash surrender value prior to the death of the life insured. However,\nif a policy provides for any cash surrender value, endowment, or pure endowment\nprior to the death of the life insured, this exemption shall not apply. Provided,\nfurther, that an y policy without cash surrender values, for which one (1) or more\ncash surrender values would otherwise have been required, shall contain on its first\npage, a concise, exact description, set out in contrasting type at least four (4) points\nlarger than used in the body of that page a statement in a prominent place that such\nvalues are not provided and that no policy loans are available under the policy.\nFurther, the insurer shall provide to each prospective purchaser of such a policy a\npolicy summary, the fo rm of which shall be filed for approval pursuant to KRS\n304.14-120, which includes the same description as the policy, similarly displayed,\nand which shows the premium said insurer charges for the same policy when cash\nvalues are included. Such policy summary shall be delivered before any premium is\naccepted.\n(2) Such policies shall provide for a paid -up nonforfeiture benefit as required by KRS\n304.15-310(1)(a) and (c). The amount or period of any paid-up nonforfeiture benefit\nshall be determined from a non forfeiture amount determined as provided by KRS\n304.15-330 for an otherwise similar policy with cash surrender values. The\nnonforfeiture amount, at any time, shall not be less than the amount of the minimum\ncash surrender value required by KRS 304.15 -320 for an otherwise similar policy\nwith cash surrender values.\n(3) Except for the requirement of payment upon surrender, the nonforfeiture amounts\nfor such policies shall be subject to all provisions of this subtitle which apply to the\ncash surrender values of  otherwise similar life insurance policies with cash\nsurrender values.\n(4) KRS 304.15 -110 shall not apply to policies which do not provide cash surrender\nvalues.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17230","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"f937a60ba4a4687cf4566471e98d48dd19f402d7395c749baed8a098d6c9bac3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-311","next":"us-ky/krs-304.15-315"},"notice":"GroundRules: Original legal text. Not legal advice."}