Title 806 | Chapter 019 | Regulation 020


806 KAR 19:020.Claims; secondary beneficiary.

Section 1.

It shall be the duty of the creditor to furnish to the insurer, as soon as practical following a loss under a credit life insurance policy, a notice of loss setting forth complete and accurate details as to the net amount due it, computed on an early payment basis, including the balance, if any, due to the secondary beneficiary or the debtor's estate. It shall be the insurer's duty to pay such balance, if any, by separate check, and deliver it to the creditor for proper disbursement or delivery.

Section 2.

In the case of a debtor group policy only, creditor-beneficiary shall have the right as policyholder to terminate coverages and to receive dividends and rate credits.

HISTORY: (I-19.02; 1 Ky.R. 869; eff. 5-14-75; TAm eff. 8-9-2007; Crt eff. 2-26-2020; TAm eff. 3-10-2020.)

7-Year Expiration: 2/26/2027

Last Updated: 12/15/2021


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