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) […]
Section 27-14-28 – Effect of Misrepresentations in Proof of Loss.
Section 27-14-28 Effect of misrepresentations in proof of loss. No misrepresentation in any proof of loss under any insurance policy shall defeat or void the policy unless such misrepresentation is made with actual intent to deceive as to a matter material to the insured’s rights under the policy. (Code 1940, T. 28, §6; Acts 1971, […]
Section 27-14-29 – Rights of Beneficiaries, etc., Under Life Insurance Policies Against Creditors, Etc.
Section 27-14-29 Rights of beneficiaries, etc., under life insurance policies against creditors, etc. (a) If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his own life or on another life in favor of a person other than himself or, except in cases of transfer with intent to defraud […]
Section 27-14-30 – Right to Proceeds When Same Retained by Life Insurer.
Section 27-14-30 Right to proceeds when same retained by life insurer. If under the terms of any annuity contract or life insurance policy, or under any written agreement supplemental thereto, issued by any life insurer, the proceeds, or any part thereof, are retained by the insurer at maturity or otherwise, no person entitled to any […]
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 […]
Section 27-14-2 – Applicability of Chapter.
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 27-14-17 – Construction of Policies.
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 27-14-3 – Insurable Interest – Personal Insurance; Preneed Contracts.
Section 27-14-3 Insurable interest – Personal insurance; preneed contracts. (a) Insurable interest with reference to personal insurance is an interest based upon a reasonable expectation of pecuniary advantage through the continued life, health, or bodily safety of another person and consequent loss by reason of his or her death or disability or a substantial interest […]
Section 27-14-18 – Binders.
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 […]