2006 Kentucky Revised Statutes - .045   Letter of acceptance and financing agreement to be part of college life insurance policy.

304.15-045 Letter of acceptance and financing agreement to be part of college life insurance policy. No college life insurance policy shall be sold or delivered in this Commonwealth unless the following provisions are complied with: (1)  A letter of acceptance, on a form approved by the executive director is presented to the proposed insured, setting forth the conditions concerning the financing agreement, the due date of the note, the amount of the note, the annual rate of interest on the note, and the annual premium on the policy; (2)  The acceptance letter must be signed by the proposed insured, agreeing that he has read and understands the conditions, a copy to be retained by the insured, and a copy to be retained by the agent and company; (3)  A copy of a financing arrangement is to be attached to and made a part of the contract. Effective: June 19, 1976 History:Created 1976 Ky. Acts ch. 233, sec. 3, effective June 19, 1976. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.