We are given that:
\[
\cosh x = K \quad {and} \quad \sinh x = \tan \theta.
\]
We know the fundamental identity for hyperbolic functions:
\[
\cosh^2 x - \sinh^2 x = 1.
\]
Substitute \( \cosh x = K \) and \( \sinh x = \tan \theta \) into this identity:
\[
K^2 - \tan^2 \theta = 1.
\]
Rearrange the equation:
\[
K^2 - 1 = \tan^2 \theta.
\]
Taking the square root of both sides:
\[
\sqrt{K^2 - 1} = \tan \theta.
\]
Now, recall that:
\[
\sin \theta = \frac{\tan \theta}{\sqrt{1 + \tan^2 \theta}}.
\]
Substitute \( \tan \theta = \sqrt{K^2 - 1} \) into the above expression:
\[
\sin \theta = \frac{\sqrt{K^2 - 1}}{\sqrt{1 + (K^2 - 1)}} = \frac{\sqrt{K^2 - 1}}{K}.
\]
Thus, the correct answer is:
\[
\boxed{\frac{\sqrt{K^2 - 1}}{K}}.
\]