20-1251. Requirements for group contracts A. Except as provided in subsection C of this section, no life insurance policy shall be delivered in this state insuring the lives of more than one individual unless to one of the groups as provided for in section 20-1251.01 and sections 20-1252 through 20-1256 and unless in compliance with […]
20-1251.01. Credit union groups The lives of a group of individuals may be insured under a policy issued to a credit union organized under the laws of this state or the federal credit union act, which shall be considered the policyholder, to insure eligible members for amounts of insurance related to the share balance of […]
20-1252. Employee groups The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, […]
20-1253. Debtor groups The lives of a group of individuals may be insured under a policy issued to a creditor, who shall be deemed the policyholder, to insure 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 […]
20-1254. Labor union groups The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of the union for the benefit of persons other than the union or any of its officials, representatives or agents, subject to the following […]
20-1255. Trustee groups The lives of a group of individuals may be insured under a policy issued to the trustees of a fund established in this state by two or more employers in the same industry, if a majority of the employees to be insured of each employer are located within this state, or to […]
20-1256. Association groups The lives of a group of individuals may be insured under a policy issued to an association, or to a trust or to the trustee of a fund established, created or maintained for the benefit of one or more associations. The association, trust or trustee shall be deemed the policyholder, to insure […]
20-1257. Coverage of dependents; definition A. Insurance under any group life insurance policy that is issued pursuant to section 20-1252, 20-1254 or 20-1255 may be extended to insure the dependents, or any class or classes of dependents, of each insured person who so elects, in amounts in accordance with a plan that precludes individual selection […]
20-1258. Standard provisions required in group life insurance policies A. Except as set forth in subsection B of this section, no policy of group life insurance shall be delivered in this state unless it contains in substance the standard provisions as required by sections 20-1259 to 20-1268, inclusive, or provisions which in the opinion of […]
20-1259. Grace period In group life policies there shall be a provision that the policyholder is entitled to a grace period of thirty-one days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder has given the insurer written notice […]
20-1260. Incontestability In group life policies there shall be a provision that the validity of the policy shall not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue, and that no statement made by any person insured under the policy relating to his […]
20-1261. Attachment of application to policy; statements of persons insured as representations In group life policies there shall be 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 deemed […]
20-1262. Right to require evidence of individual insurability In group life policies there shall be a provision setting forth 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 […]
20-1263. Misstatement of age In group life policies there shall be a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, and such provision shall contain a clear statement of the method of adjustment to be […]
20-1264. Beneficiary In group life policies there shall be a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary, as to all or […]
20-1265. Individual certificates In group life policies there shall be a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which he is entitled, to whom the insurance benefits are payable, and the rights and conditions […]
20-1266. Conversion on termination of eligibility In group life policies there shall be a provision that if the insurance, or any portion of it, on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be […]
20-1267. Conversion on termination of policy In group life policies there shall be a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, each person insured thereunder at the date of termination whose insurance terminates and who has been so insured for […]
20-1268. Death pending conversion In group life policies there shall be a provision that if a person insured under the group policy dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with sections 20-1266 or 20-1267 and before such an individual policy becomes […]
20-1269. Notice of conversion right If any individual insured under a group life insurance policy delivered after January 1, 1955 in this state becomes entitled under the terms of the policy to have an individual policy of life insurance issued to him without evidence of insurability, subject to the making of application and payment of […]
