Sec. 21.48.220. Employee life insurance.
“Employee life insurance” is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued to the employees of an employer and where the policies are issued on the lives of not less than five nor more than 10 employees at the date […]
Sec. 21.48.010. Group requirements for group contracts.
(a) A group life insurance policy may not be issued for delivery in this state unless the group is a bona fide association or the group was formed for purposes other than obtaining insurance or is a trust established, adopted, or participated in by one or more employers or labor unions or by one or […]
Sec. 21.48.230. Violations.
Violations of this chapter are subject to the penalties provided by AS 21.97.020.
Sec. 21.48.060. Debtor groups.
The lives of a group of individuals may be insured under a policy issued to a creditor, who shall be considered the policyholder, to insure the debtors of the creditor, subject to the following requirements: (1) the debtors eligible for insurance under the policy shall be all of the debtors of the creditor whose indebtedness […]
Sec. 21.48.070. Credit union group.
The lives of a group of individuals may be insured under a policy issued to a credit union organized under the laws of the state or the Federal Credit Union Act, which shall be considered the policyholder, to insure eligible members for amounts of insurance not in excess of the share balance of each member, […]
Sec. 21.48.100. Provisions required in group contracts.
A policy of group life insurance may not be delivered in this state unless it contains in substance the provisions set out in AS 21.48.110 – 21.48.200 or provisions that in the opinion of the director are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable […]
Sec. 21.48.110. Grace period.
The group life insurance policy must contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of a premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder gave the insurer written notice of discontinuance in advance […]
Sec. 21.48.120. Incontestability.
The group life insurance policy must contain a provision that the validity of the policy may not be contested, except for nonpayment of premium, after it has been in force for two years from its date of issue; and that a statement made by a person insured under the policy relating to that person’s insurability […]
Sec. 21.48.130. Application.
The group life insurance policy must contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be considered representations and not warranties, and that a statement made by a person […]
Sec. 21.48.140. Insurability.
The group life insurance policy must contain a provision setting out the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of the coverage.