304.1 -030 'Insurance' defined. 'Insurance' is a contract whereby one undertakes to pay or indemnify another as to loss from certain specified contingencies or perils called 'risks,' or to pay or grant a specified amount or determinable benefit or annuity in connection with ascertainable risk contingencies, or to act as surety. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 1, sec. 3, effective June 18, 1970.
Kentucky Legal Code