Section 27-14-4 – Insurable Interest – Property Insurance.
Section 27-14-4 Insurable interest – Property insurance. (a) No contract of insurance of property or of any interest in property, or arising from property, shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss. (b) “Insurable 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 […]
Section 27-14-5 – Power to Contract; Purchase of Insurance by or for Minors.
Section 27-14-5 Power to contract; purchase of insurance by or for minors. (a) Any person of competent legal capacity may contract for insurance. (b) Any minor of the age of 15 years or more, as determined by the nearest birthday, may, notwithstanding his minority, contract for annuities, or for insurance upon his own life, body, […]
Section 27-14-6 – Application for Policy – Requirement; Reliance by Insurer; Admissibility Into Evidence; Alterations.
Section 27-14-6 Application for policy – Requirement; reliance by insurer; admissibility into evidence; alterations. (a) No life or disability insurance contract upon an individual, except a contract of group life insurance or of group or blanket disability insurance, shall be made or effectuated unless at the time of the making of the contract the individual […]
Section 27-14-7 – Application for Policy – Representations and Misrepresentations, Etc.
Section 27-14-7 Application for policy – Representations and misrepresentations, etc. (a) All statements and descriptions in any application for an insurance policy or annuity contract, or in negotiations therefor, by, or in behalf of, the insured or annuitant shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements […]
Section 27-14-8 – Forms – Filing and Approval or Disapproval.
Section 27-14-8 Forms – Filing and approval or disapproval. (a) No basic insurance policy or annuity contract form or application form where written application is required and is to be made a part of the policy, or contract, or printed rider, or endorsement form or form of renewal certificate shall be delivered or issued for […]
Section 27-14-9 – Forms – Grounds for Disapproval or Withdrawal of Previous Approval.
Section 27-14-9 Forms – Grounds for disapproval or withdrawal of previous approval. The commissioner may disapprove any form filed under Section 27-14-8 or withdraw any previous approval thereof only if the form: (1) Is in any respect in violation of, or does not comply with, this title; (2) Contains or incorporates by reference, where such […]
Section 27-14-10 – Standard or Uniform Provisions; Waiver or Substitution Thereof.
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.
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.
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 […]