Section 27-14-32 – Exemption From Debt of Proceeds – Annuity Contracts.
Section 27-14-32 Exemption from debt of proceeds – Annuity contracts. (a) The benefits, rights, privileges, and options which under any annuity contract, heretofore or hereafter issued, are due or prospectively due the annuitant shall not be subject to execution, nor shall the annuitant be compelled to exercise any such rights, powers, or options, nor shall […]
Section 27-14-19.1 – Electronic Delivery of Property or Casualty Insurance Policy.
Section 27-14-19.1 Electronic delivery of property or casualty insurance policy. (a) As used in this section, each of the following words shall have the following meanings: (1) DELIVERED BY ELECTRONIC MEANS or ELECTRONIC DELIVERY. Any of the following: a. Delivery to an electronic mail address at which a party has consented to receive notices or […]
Section 27-14-20 – Renewal or Extension of Policies.
Section 27-14-20 Renewal or extension of policies. Any insurance policy terminating by its term 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 […]
Section 27-14-21 – Assignment of Policies.
Section 27-14-21 Assignment of policies. (a) A policy may be assignable or not assignable, as provided by its terms. Subject to its terms relating to assignability, any life or disability policy, whether heretofore or hereafter issued, under the terms of which the beneficiary may be changed upon the sole request of the owner, may be […]
Section 27-14-22 – Situs of Contracts.
Section 27-14-22 Situs of contracts. All contracts of insurance, the application for which is taken within this state, shall be deemed to have been made within this state and subject to the laws thereof. (Code 1940, T. 28, §10; Acts 1971, No. 407, p. 707, §335.)
Section 27-14-23 – Effect of War on Contracts of Foreign Insurer.
Section 27-14-23 Effect of war on contracts of foreign insurer. No insurance contract issued to a citizen of this state by an insurer organized under the laws of a foreign country shall be invalidated by the occurrence of hostilities between such foreign country and the United States of America. (Code 1940, T. 28, §8; Acts […]
Section 27-14-24 – Effect of Payments.
Section 27-14-24 Effect of payments. Whenever the proceeds of, or payments under, a life or disability insurance policy or annuity contract, heretofore or hereafter issued, become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance with […]
Section 27-14-25 – Receipt and Giving of Acquittance and Discharge for Payment by Minors.
Section 27-14-25 Receipt and giving of acquittance and discharge for payment by minors. (a) Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent to receive and to give full acquittance and discharge for a payment, or payments, in aggregate amount not exceeding $3,000.00 in any one […]
Section 27-14-26 – Forms for Proof of Loss.
Section 27-14-26 Forms for proof of loss. An insurer shall furnish, upon written request of any person claiming to have a loss under an insurance contract issued or assumed by such insurer, forms for proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to furnish […]
Section 27-14-27 – Acts Not Deemed Waiver of Provisions or Defenses.
Section 27-14-27 Acts not deemed waiver of provisions or defenses. Without limitation of any right or defense of an insurer otherwise, none of the following acts by, or on behalf of, an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder: (1) […]