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 27-14-12 – Contents of Policies – Additional Provisions.
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.
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.
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.
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 27-14-1 – Definitions.
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 27-14-16 – Noncomplying Policies, Riders, and Endorsements.
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 […]