304.15 -240 Reinstatement -- Annuities. In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the c ash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate specified in the contract, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 24, effective June 18, 1970.
Kentucky Legal Code