{"data":{"id":"us-ky/krs-304.15-320","jurisdiction":"us-ky","citation":"KRS 304.15-320","heading":"Cash surrender value.","body":"Any cash surrender value available under the policy in the event of default in a premium\npayment due on any policy anniversary, whether or not required by KRS 304.15 -310,\nshall be an amount not less than the excess, if any, of the present value, on such\nanniversary, of the future guaranteed benefits which would have been provided for by the\npolicy, including any existing paid -up additions, if there had been no default, over the\nsum of:\n(1) The then present value of the adjusted premiums as defined in KRS 30 4.15-340 and\n304.15-342, corresponding to premiums which would have fallen due on and after\nsuch anniversary, and\n(2) The amount of any indebtedness to the insurer on the policy; provided, however,\nthat for any policy issued on or after the effective date of KRS 304.15 -342 as\ndefined therein, which provides supplemental life insurance or annuity benefits at\nthe option of the insured and for an identifiable additional premium by rider or\nsupplemental policy provision, the cash surrender value shall be an amo unt not less\nthan the sum of the cash surrender value for an otherwise similar policy issued at\nthe same age without such rider or supplemental policy provision and the cash\nsurrender value for a policy which provides only the benefits otherwise provided b y\nsuch rider or supplemental policy provision.\nProvided, further, that for any family policy issued on or after the effective date of KRS\n304.15-342 as defined therein, which defines a primary insured and provides term\ninsurance on the life of the spouse of the primary insured expiring before the spouse's age\nseventy-one (71), the cash surrender value shall be an amount not less than the sum of the\ncash surrender value for an otherwise similar policy issued at the same age without such\nterm insurance on the  life of the spouse and the cash surrender value for a policy which\nprovides only the benefits otherwise provided by such term insurance on the life of the\nspouse.\nAny cash surrender value available within thirty (30) days after any policy anniversary\nunder any policy paid up by completion of all premium payments or any policy continued\nunder any paid-up nonforfeiture benefit whether or not required by KRS 304.15-310 shall\nbe an amount not less than the present value, on such anniversary, of the future\nguaranteed benefits provided for by the policy, including any existing paid -up additions,\ndecreased by any indebtedness to the insurer on the policy.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17232","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"5edf991b37299da05c92a92bc5429aa0e6ffaea16b837cc3fdbd31dca22bc25f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-315","next":"us-ky/krs-304.15-322"},"notice":"GroundRules: Original legal text. Not legal advice."}