(1) A “consultant” is a person, who as an independent contractor in relation to a client, for fee or compensation other than from an insurer, in any manner advises or purports to advise, any person actually or prospectively insured, or named or to be named as beneficiary, or having or to have any interest in or insured under, an insurance contract or annuity contract, existing or proposed, relative to coverage, advisability, rights, or interests under such contract, or relative to the retention, exchange, surrender, or exercise of rights thereunder. This subsection shall not apply as to an attorney while acting under a license to practice law in this state.
(2) A “property and casualty consultant” is a person licensed as a consultant as to property insurance contracts, casualty insurance contracts, health insurance contracts issued by property or casualty insurers, and surety contracts.

Terms Used In Kentucky Statutes 304.9-040

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Surety: means insurance or bond that covers obligation to pay the debts of, or answer for the default of another, including faithlessness in a position of public or private trust. See Kentucky Statutes 304.9-020

(3) A “life and health consultant” is a person licensed as a consultant as to life insurance contracts, annuity contracts, and health insurance contracts.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 254, sec. 1, effective July 12, 2006. — Amended
2002 Ky. Acts ch. 273, sec. 7, effective July 15, 2002. — Amended 1982 Ky. Acts ch.
171, sec. 1, effective July 15, 1982. — Created 1970 Ky. Acts ch. 301, subtit. 9, sec.
4, effective June 18, 1970.

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