457.330 Insurance and annuities.

339 words·~2 min read·/ky/chapter-457/457-330

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:

(1)Continue, pay the premium or make a contribution on, modify, exchange, rescind,

release, or terminate a contract procured by or on behalf of the principal which

insures or provides an annuity to either the principal or another person, whether or

not the principal is a beneficiary under the contract;

(2)Procure new, different, and additional contracts of insurance and annuities for the

principal and the principal’s spouse, children, and other dependents, and select the

amount, type of insurance or annuity, and mode of payment;

(3)Pay the premium or make a contribution on, modify, exchange, rescind, release, or

terminate a contract of insurance or annuity procured by the agent;

(4)Apply for and receive a loan secured by a contract of insurance or annuity;

(5)Surrender and receive the cash surrender value on a contract of insurance or

annuity;

(6)Exercise an election;

(7)Exercise investment powers available under a contract of insurance or annuity;

(8)Change the manner of paying premiums on a contract of insurance or annuity;

(9)Change or convert the type of insurance or annuity with respect to which the

principal has or claims to have authority described in this section;

(10)Apply for and procure a benefit or assistance under a statute or regulation to

guarantee or pay premiums of a contract of insurance on the life of the principal;

(11)Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the

principal in a contract of insurance or annuity;

(12)Elect the form and timing of the payment of proceeds from a contract of insurance

or annuity; and

(13)Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in

connection with, a tax or assessment levied by a taxing authority with respect to a

contract of insurance or annuity or its proceeds or liability accruing by reason of the

tax or assessment.