Section 27-14-1 Definitions. For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) POLICY. A written contract of, or written agreement for, or effecting, insurance, by whatever name called, and includes all clauses, riders, endorsements, and papers attached, or issued, and delivered for attachment […]
Section 27-14-10 Standard or uniform provisions; waiver or substitution thereof. (a) Insurance contracts shall contain such standard or uniform provisions as are required by the applicable provisions of this title pertaining to contracts of particular kinds of insurance; however, the commissioner may waive the required use of a particular provision in a particular insurance policy […]
Section 27-14-11 Contents of policies – Generally. (a) Every policy shall specify: (1) The names of the parties to the contract; (2) The subject of the insurance; (3) The risks insured against; (4) The time when the insurance thereunder takes effect and the period during which the insurance is to continue; (5) The premium; and […]
Section 27-14-11.1 Contents of policies – Denial or reduction of benefits due to Medicaid eligibility void. (a) For purposes of this section, “private insurer” is defined as any of the following: (1) Any commercial insurance company offering health or casualty insurance to individuals or groups, including both experience-rated contracts and indemnity contracts. (2) Any profit […]
Section 27-14-12 Contents of policies – Additional provisions. A policy may contain additional provisions not inconsistent with this title and which are: (1) Required to be inserted by the laws of the insurer’s domicile; (2) Necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rights […]
Section 27-14-13 Charter, bylaws, etc., of insurer as part of contract. No policy shall contain any provision purporting to make any portion of the charter, bylaws, or other constituent document of the insurer, other than the subscriber’s agreement or power of attorney of a reciprocal insurer, a part of the contract unless such portion is […]
Section 27-14-14 Execution of policies. (a) Every insurance policy shall be executed in the name of and on behalf of the insurer by its officer, attorney-in-fact, employee, or representative duly authorized by the insurer. (b) A facsimile signature of any such executing individual may be used in lieu of an original signature. (c) No insurance […]
Section 27-14-15 Underwriters’ and combination policies. (a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters’ policy bearing their names. Any one insurer may issue policies in the name of an underwriter’s department, and such policy shall plainly show the true name of the insurer. (b) […]
Section 27-14-16 Noncomplying policies, riders, and endorsements. Any insurance policy, rider, or endorsement hereafter issued and otherwise valid which contains any condition or provision not in compliance with the requirements of this title shall not be thereby rendered invalid but shall be construed and applied in accordance with such conditions and provisions as would have […]
Section 27-14-17 Construction of policies. (a) Every insurance contract shall be construed according to the entirety of its terms and conditions as set forth in the policy and as amplified, extended, or modified by any rider, endorsement, or application which is a part of the policy. (b) A clause in any policy of life insurance, […]
Section 27-14-18 Binders. (a) Binders or other contracts for temporary insurance may be made orally or in writing and shall be deemed to include all the usual terms of the policy as to which the binder was given, together with such applicable endorsements as are designated in the binder, except as superseded by the clear […]
Section 27-14-19 Delivery of policies. (a) Subject to the insurer’s requirements as to payment of premium, every policy shall be mailed or delivered to the insured or to the person entitled thereto within a reasonable period of time after its issuance, except where a condition required by the insurer has not been met by the […]
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 27-14-2 Applicability of chapter. This chapter applies as to all insurance contracts and annuity contracts other than: (1) Reinsurance; (2) Policies or contracts not issued for delivery in this state nor delivered in this state; (3) Wet marine and transportation insurance; and (4) Title insurance, except as to the following provisions: a. Section 27-14-5; […]
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. (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. 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. 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. 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. (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 […]
