{"data":{"id":"us-ky/krs-304.15-350","jurisdiction":"us-ky","citation":"KRS 304.15-350","heading":"Calculation of cash surrender value and paid -up nonforfeiture benefit","body":"of certain policies on default.\n(1) Any cash surrender value and any paid-up nonforfeiture benefit, available under the\npolicy in the event of default in a premium payment due at  any time other than on\nthe policy anniversary, shall be calculated with allowance for the lapse of time and\nthe payment of fractional premiums beyond the last preceding policy anniversary.\nAll values referred to in KRS 304.15 -320 to 304.15 -340 and in KRS 304.15-342,\nmay be calculated upon the assumption that any death benefit is payable at the end\nof the policy year of death. The net value of any paid -up additions, other than paid -\nup term additions, shall be not less than the amounts used to provide such additions.\nNotwithstanding KRS 304.15-320, additional benefits payable:\n(a) In the event of death or dismemberment by accident or accidental means;\n(b) In the event of total and permanent disability;\n(c) As reversionary annuity or deferred reversionary annuity benefits;\n(d) As term insurance benefits provided by a rider or supplemental policy\nprovisions to which, if issued as a separate policy, KRS 304.15-310 to 304.15-\n360, inclusive, would not apply;\n(e) As term insurance on the life of a child or on the li ves of children provided in\na policy on the life of a parent of the child, if such term insurance expires\nbefore the child's age is twenty -six (26), and is uniform in amount after the\nchild's age is one (1);\n(f) As other policy benefits additional to life insurance and endowment benefits;\nand premiums for all such additional benefits, shall be disregarded in ascertaining\ncash surrender values and nonforfeiture benefits required by KRS 304.15 -310 to\n304.15-360, inclusive, and no such additional benefits sha ll be required to be\nincluded in any paid-up nonforfeiture benefits.\n(2) Contrary provisions. Any condition or stipulation in the policy of insurance or\nelsewhere contrary to the provisions of KRS 304.15 -310 to 304.15 -360, and any\nwaiver of such provisions by the insured, shall be void.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17238","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"554df5ea199fd3590e6ba3aa71250259618c3eea014a317ea509b435b06cade4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-344","next":"us-ky/krs-304.15-352"},"notice":"GroundRules: Original legal text. Not legal advice."}