Kentucky Statutes 304.16-110 – Provisions required in group contracts
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No policy of group life insurance shall be delivered in this state unless it contains in substance the standard provisions as required by KRS § 304.16-120 to KRS § 304.16-210, inclusive, or provisions which in the opinion of the commissioner are more favorable to the individuals insured, or at least as favorable to such individuals and more favorable to the policyholders; except, that:
(1) Provisions set forth in KRS § 304.16-170 to KRS § 304.16-210, inclusive, shall not apply to policies issued to a creditor to insure its debtors;
(2) If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the commissioner is or are equitable to the insured persons and to the policyholder, but such nonforfeiture benefits are not required to be the same as those required for individual life insurance policies;
(3) The standard provisions required for individual life insurance policies shall not apply to group life insurance policies.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1200, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 16, sec. 11, effective June 18, 1970.
(1) Provisions set forth in KRS § 304.16-170 to KRS § 304.16-210, inclusive, shall not apply to policies issued to a creditor to insure its debtors;
Terms Used In Kentucky Statutes 304.16-110
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the commissioner is or are equitable to the insured persons and to the policyholder, but such nonforfeiture benefits are not required to be the same as those required for individual life insurance policies;
(3) The standard provisions required for individual life insurance policies shall not apply to group life insurance policies.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1200, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 16, sec. 11, effective June 18, 1970.