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304.17-080 Reinstatement.
(1)
(2)
There shall be a provision as follows:
"Reinstatement: If any renewal premium be not paid within the time granted
the insured for payment, a subsequent acceptance of premium by the insurer
or by any agent duly authorized by the insurer to accept such premium, without
requiring in connection therewith an application for reinstatement, shall
reinstate the policy: provided, however, that if the insurer or such agent
requires an application for reinstatement and issues a conditional receipt for
the premium tendered, the policy will be reinstated upon approval of such
application by the insurer or, lacking such approval, upon the forty-fifth day
following the date of such conditional receipt unless the insurer has previously
notified the insured in writing of its disapproval of such application. The
reinstated policy shall cover only loss resulting from such accidental injury as
may be sustained after the date of reinstatement and loss due to such sickness
as may begin more than ten (10) days after such date. In all other respects the
insured and insurer shall have the same rights thereunder as they had under
the policy immediately before the due date of the defaulted premium, subject to
any provisions indorsed hereon or attached hereto in connection with the
reinstatement. Any premium accepted in connection with a reinstatement shall
be applied to a period for which premium has not been previously paid, but not
to any period more than sixty (60) days prior to the date of reinstatement."
The last sentence of the provision contained in subsection (1) of this section
may be omitted from any policy which the insured has the right to continue in
force subject to its terms by the timely payment of premiums (a) until at least
age fifty (50) or, (b) in the case of a policy issued after age forty-four (44), for at
least five (5) years from its date of issue.
Effective:June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 17, sec. 8, effective June 18, 1970.
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