(1) There shall be a provision as follows:
“Change of Beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change of beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to any change of beneficiary or beneficiaries, or to any other changes in this policy.”

Terms Used In Kentucky Statutes 304.17-160

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • insured: as used in this subtitle , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits, and rights provided therein. See Kentucky Statutes 304.17-320

(2) The first clause of the provision contained in subsection (1), of this section, relating to the irrevocable designation of beneficiary, may be omitted at the insurer’s option.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 17, sec. 16, effective June 18, 1970.