{"data":{"id":"us-ky/krs-304.20-310","jurisdiction":"us-ky","citation":"KRS 304.20-310","heading":"Definitions for KRS 304.20-320 to 304.20-350.","body":"As used in KRS 304.20-320 to 304.20-350:\n(1) \"Renewal\" or \"to renew\" means the issuance and delivery by an insurer at the end of\na policy period or term of a policy superseding a policy previously issued and\ndelivered by the same insurer, or the issuance a nd delivery of a certificate or notice\nextending the term of an existing policy beyond its policy period or term. For the\npurpose of KRS 304.20 -320 to 304.20 -350, any policy period or term of less than\nsix (6) months shall be considered to be a policy peri od or term of six (6) months,\nand any policy period or term of more than one (1) year or any policy with no fixed\nexpiration date shall be considered a policy period or term of one (1) year;\n(2) \"Nonpayment of premium\" means the failure of the named insure d to discharge any\nobligation in connection with the payment of premiums on property or casualty\ninsurance subject to KRS 304.20 -320 to 304.20 -350, whether such payments are\ndirectly payable to the insurer or its agent or indirectly payable under a premium\nfinance plan or extension of credit. \"Nonpayment of premium\" shall include failure\nto pay dues or fees where payment of such dues or fees is a prerequisite to obtaining\nor continuing property or casualty insurance coverage;\n(3) \"Termination\" means either a cancellation or nonrenewal of property or casualty\ninsurance coverage in whole or in part. A cancellation occurs during the policy\nperiod or term as set forth in subsection (1) of this section. A nonrenewal occurs at\nthe end of the policy period or term as set forth in subsection (1) of this section. For\nthe purpose of KRS 304.20 -320 to 304.20 -350, the transfer of a policyholder\nbetween companies within the same insurance group shall be considered a\ntermination, but requiring a reasonable deductible, reas onable changes in the\namount of insurance, or reasonable reductions in policy limits or coverage shall not\nbe considered a termination if such requirements are directly related to an increased\nhazard involved and are made on the renewal date for the policy;\n(4) \"Declination\" means either the refusal of an insurer to issue a property or casualty\ninsurance policy upon receipt of a written nonbinding application or written request\nfor coverage from its agent or an applicant, or refusal of an agent to transmit to an\ninsurer a written nonbinding application or written request for coverage received\nfrom an applicant. For the purposes of KRS 304.20 -320 to 304.20-350, the offering\nof insurance coverage with a company within an insurance group which is different\nfrom the company requested on the nonbinding application or written request for\ncoverage, or the offering of insurance upon different terms than requested in the\nnonbinding application or written request for coverage, shall be considered to be a\ndeclination; and\n(5) \"Agent\" includes, but is not limited to, surplus lines broker.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29502","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:50Z","sha256":"009971bb98cb5647adfa6d1904a69ba80fc69938c508d9b43141175b571bb3ea","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.20-300","next":"us-ky/krs-304.20-320"},"notice":"GroundRules: Original legal text. Not legal advice."}