{"data":{"id":"us-ky/krs-304.19-070","jurisdiction":"us-ky","citation":"KRS 304.19-070","heading":"Provisions of policies and certificates of insurance -- Disclosure to","body":"debtors.\n(1) All credit life insurance and credit health insurance shall be evidenced by an\nindividual policy, or in the case of group insurance by a certificate of insurance,\nwhich individual policy or group certificate shall be delivered to the debtor.\n(2) Each individual policy or group certificate of credit life insurance and credit health\ninsurance shall, in addition to other requirements of law:\n(a) Set forth the name and principal office address of the insurer, and the identity\nof the person or persons insured, by name in the case of individual policies;\n(b) Set forth the rate or amount of payment, if any, by the debtor separately for\ncredit life insurance and credit heal th insurance, a description of the amount,\nterm and coverage including any exceptions, limitations and restrictions; and\n(c) State that the benefits shall be paid to the creditor to reduce or extinguish the\nunpaid indebtedness and, wherever the amount of insurance may exceed the\nunpaid indebtedness, that any such excess shall be payable to a beneficiary,\nother than the creditor, named by the debtor or to his estate.\n(3) The individual policy or group certificate of insurance shall be delivered to the\ninsured debtor at the time the indebtedness is incurred except as provided in this\nsection.\n(4) If a debtor makes a separate payment for credit life or credit health insurance and an\nindividual policy or group certificate of insurance is not delivered to the debtor at\nthe time the indebtedness is incurred, a copy of the application for such policy or a\nnotice of proposed insurance shall be delivered at such time to the debtor. The copy\nof the application or a notice of proposed insurance shall:\n(a) Set forth the identity by name or otherwise of the person or persons insured;\n(b) Set forth the rate or amount of payment by the debtor, if any, separately for\ncredit life insurance and credit health insurance;\n(c) Contain a statement that within thirty (30) days, if the insurance is accepted by\nthe insurer, there will be delivered to the debtor an individual policy or group\ncertificate of insurance containing the name and principal office address of the\ninsurer, a description of the amount, term and coverage inclu ding any\nexceptions, limitations and restrictions; and\n(d) Refer exclusively to insurance coverage, and be separate and apart from the\nloan, sale or other credit statement of account, instrument or agreement, unless\nthe information required by this subsection is prominently set forth therein.\n(5) Upon acceptance of the insurance by the insurer and within thirty (30) days of the\ndate upon which the indebtedness is incurred, the insurer shall cause the individual\npolicy or group certificate of insurance to be delivered to the debtor. Such\napplication or notice of proposed insurance shall state that upon acceptance by the\ninsurer, the insurance shall become effective as provided in KRS 304.19-060.\n(6) If the named insurer does not accept the risk, then the d ebtor shall receive a refund\nof premium.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29464","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:49Z","sha256":"8b90d24178130bcd6d1e60a73bffc8c675104cff640a0283d8cd045ec1f8a584","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.19-060","next":"us-ky/krs-304.19-080"},"notice":"GroundRules: Original legal text. Not legal advice."}