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 27-14-16 – 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 27-14-1 – 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 27-14-17 – 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 27-14-2 – 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 27-14-18 – 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 […]
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 27-14-19 – Delivery of Policies.
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 […]