Life Insurance in the State of Kentucky

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The state of Kentucky, also known as the Bluegrass state, got its nickname from a species of grass that produces purplish-blue buds during the springtime. In large fields, the grass can look decidedly blue, and when the pioneers began talking about the "blue grass of Kentucky," the name stuck.

Kentucky is known for many things including the world's longest cave system (Mammoth Cave National Park), the Kentucky Derby, and world-class bourbon. As far as area goes, Kentucky ranks 37th in the US and 26th in terms of population.

As with all states, Kentucky has regulations in place to protect both consumers and insurance agencies. For example, consumers have a 30-day grace period to catch up on a late payment before their insurance coverage can be cancelled. On the insurance company side, they have up to two years to contest any information on an application or policy. If fraudulent or misleading statements are found, the policy can be terminated - with all premiums refunded. Also, if an insured person gives a false age, their death benefits can be recalculated to reflect their appropriate age.

Kentucky State Offices Responsible for Life Insurance

Kentucky's Office of Insurance is part of their Public Protection Department. Through them, consumers can verify that their life insurance agent is licensed, whether any complaints have been filed against them, and other useful data.

If an insurance company in Kentucky has been declared insolvent, policyholders may still be able to receive benefits through the Kentucky Life & Health Insurance Guaranty Association. They protect both owners of life insurance policies and their beneficiaries.

The legal statutes that regulate life insurance can be found at www.lrc.ky.gov/KRS/304-01/CHAPTER.HTM.

Contacting the Kentucky Office of Insurance