"Premium" is the consideration for insurance, by whatever name called. Any "assessment," or any "membership," "policy," "survey," "inspection," "service" or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. In addition to the ordinary premium charges there may be imposed a late charge not to exceed 18 percent per annum on insurance premium accounts once those accounts remain unpaid for a period of 30 days beyond the date that the original premium was due and owing. Such charges shall be clearly indicated on all bills and statements of account.
KRS 304.14-030
"Premium" defined -- "Late charge" authorized
Known as the Long-term Care Insurance Act
The act spans §§ 304–304 (77 sections).
Applied in 2 court decisions — leading case Ferrell v. Allstate Insurance Co. (2007)
Most recently applied in Ferrell v. Allstate Insurance Co. (January 2007)
Effective: June 19, 1976 History: Amended 1976 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.