(a) Every insurance contract shall be executed in the name of and on behalf of the insurer by its officer, employee, or representative duly authorized by the insurer. (b) A facsimile signature of any such executing officer, employee or representative may be used in lieu of an original signature. (c) No insurance contract heretofore or […]
(a) A “binder” is used to bind insurance temporarily pending the issuance of the policy. Upon the sale of an insurance policy, a binder shall be issued immediately to the insured. No binder shall be valid beyond the issuance of the policy as to which it was given, or beyond 90 days from its effective […]
(a) The Commissioner may suspend or revoke the license of any agent issuing or purporting to issue any binder as to any insurer named therein as to which he is not then authorized so to bind. (b) In addition to any penalties which may be imposed by the Commissioner, any agent who issues a false, […]
(a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriter’s policy bearing their names. Any one insurer may issue policies in the name of an underwriter’s department and such policies shall plainly show the true name of the insurer. (b) Two or more authorized insurers may, […]
(a) Subject to the insurer’s requirements as to payment of premium, every policy shall be delivered to the insured or to the person entitled thereto within a reasonable period of time after its issuance, but a policy of automobile or homeowners insurance shall be issued not more than 90 days after the payment of the […]
Any insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer and upon a currently authorized policy form and at the premium rate then required therefor for a specific additional period or periods by a certificate or by endorsement […]
(a) Cancellation by the insurer of any policy which by its terms is cancellable at the option of the insurer, or of any binder based on such policy, may be effected as to any interest only upon compliance with the following: (1) written notice of such cancellation must be actually delivered or mailed by certified […]
(a) Cancellation by the insured of any policy which by its terms is cancellable at the insured’s option or of any binder based on such policy may be effected by written notice thereof to the insurer and surrender of the policy or binder for cancellation prior to or on the effective date of such cancellation. […]
The Commissioner may order the immediate cancellation of any policy the procuring or effectuation of which was accomplished through or accompanied by a violation of this title, except in cases where the policy by its terms is not cancellable by the insurer and the insured did not knowingly participate in any such violation.
No insurance contract insuring against loss or damage through legal liability for the bodily injury or death by accident of any individual, or for damage to the property of any person, shall be retroactively annulled by any agreement between the insurer and insured after the occurrence of any such injury, death, or damage for which […]
(a) Every insurer issuing participating policies shall pay dividends, unused premiums refunds or savings distributed on account of any such policy, only to the real party in interest entitled thereto as shown by the insurer’s records, or to any person to whom the right thereto has been assigned in writing of record with the insurer, […]
If any breach of a warranty or condition in any insurance contract occurs prior to a loss under the contract, such breach shall not avoid the contract nor avail the insurer to avoid liability, unless the breach exists at the time of loss.
Subject to the terms of the policy relating to its assignment, life insurance policies, other than industrial or group life insurance policies, and disability policies providing benefits for accidental death, whether such policies were heretofore or are hereafter issued, and under the terms of which the beneficiary may be changed upon the sole request of […]
Whenever, in any health insurance claim form, an insured specifically authorizes payment of benefits directly to any recognized hospital, licensed ambulance provider, physician, dentist, or other person who provided the services in accordance with the provisions of the policy, the insurer shall make such payment to the designated provider of such services. The insurance contract […]
Whenever the proceeds of, or payments under, a life or disability insurance policy, heretofore or hereafter issued, become payable and the insurer makes payment thereof in accordance with the terms of the policy, or in accordance with any written assignment thereof pursuant to section 833 of this title, the person then designated in the policy […]
Any minor domiciled in this territory who has attained the age of 18 years shall be deemed competent to receive and to give full acquittance and discharge for periodical payments, in aggregate amount not exceeding $2,000 in any one year, made by a life insurer as benefits payable upon the death of the insured, and […]
Where the individual insured and the beneficiary designated in a life insurance policy or policy insuring against accidental death have died and there is not sufficient evidence that they have died otherwise than simultaneously, the proceeds of the policy shall be distributed as if the insured had survived the beneficiary, unless otherwise expressly provided in […]
The proceeds or avails of all contracts of disability insurance and of provisions providing benefits on account of the insured’s disability which are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt of the insured, and from any debt of the beneficiary existing at […]
(a) The lawful beneficiary, assignee, or payee of a life insurance policy, other than an annuity, heretofore or hereafter effected by any person on his own life, or on the life of another, in favor of a person other than himself, shall be entitled to the proceeds and avails of the policy against the creditors […]
(a) A policy of group life insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder shall not be liable, either before or after payment, to be applied to any legal or equitable process to pay any liability of any person having a right under the policy. The proceeds thereof, […]
