Section 27-16-1 “Industrial life insurance” defined. For the purposes of this title, “industrial life insurance” is that form of life insurance written under policies of face amount to $2,500.00 or less bearing the words “industrial policy” imprinted on the face thereof as part of the descriptive matter and under which premiums are payable monthly or […]
Section 27-16-10 Policy provisions – Settlement of claims. There shall be a provision that, when the policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer’s option, surrender of the policy and premium receipt book and proof of interest of […]
Section 27-16-11 Policy provisions – Waiver, etc., of policy terms or conditions. There shall be a provision that no agent shall have the power or authority to waive, change or alter any of the terms or conditions of any policy; except, that at the option of the insurer, the terms or conditions may be changed […]
Section 27-16-12 Policy provisions – Beneficiaries; payment to other than designated beneficiary. (a) Each such policy shall have a space for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. (b) The policy may also provide that no designation or […]
Section 27-16-13 Policy provisions – Nonforfeiture benefits and cash surrender values. There shall be provisions for nonforfeiture benefits and cash surrender values as required by Section 27-15-28. (Acts 1971, No. 407, p. 707, §387.)
Section 27-16-14 Policy provisions – Title. There shall be a title on the face of each such policy briefly describing the same. (Acts 1971, No. 407, p. 707, §388.)
Section 27-16-15 Policy provisions – Applicability to single premium, etc., policies. Any of the provisions required by Sections 27-16-4 through 27-16-14, or any portion thereof, which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions shall, to that extent, not be incorporated therein. (Acts 1971, […]
Section 27-16-16 Policy provisions – Conversion to life insurance with less frequent premium payments. There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form […]
Section 27-16-17 Policy provisions – Prohibited provisions. No policy of industrial life insurance shall contain any of the following provisions: (1) A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer; (2) A provision giving the insurer the […]
Section 27-16-2 Applicability of chapter. The provisions of this chapter apply only to industrial life insurance policies. Sections 27-15-15, 27-15-24, 27-15-25, 27-15-28, and 27-15-29 shall also apply to industrial life insurance. (Acts 1971, No. 407, p. 707, §375.)
Section 27-16-3 Policy provisions – Generally. (a) No policy of industrial life insurance shall be delivered or be issued for delivery in this state unless it contains in substance the applicable provisions set forth in Sections 27-16-4 through 27-16-14. (b) This section does not apply to burial insurance policies as defined in Section 27-17-1. (Acts […]
Section 27-16-4 Policy provisions – Grace period. There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premiums after the first may be made; except, that in policies the premiums for which are payable monthly, the period of grace shall be one […]
Section 27-16-5 Policy provisions – Entire contract; representations. There shall be a provision that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire contract. […]
Section 27-16-6 Policy provisions – Incontestability. There shall be a provision that the policy, exclusive of provisions relating to disability or dismemberment benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of […]
Section 27-16-7 Policy provisions – Misstatement of age or sex. There shall be a provision that if it is found that the age or sex of the individual insured or the age or sex of any other individual considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy […]
Section 27-16-8 Policy provisions – Dividends. If a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy; except, that, at the option of the insurer, such participation may be deferred to the end of the fifth policy year. This provision shall not […]
Section 27-16-9 Policy provisions – Reinstatement. (a) There shall be a provision that unless the policy has been surrendered for its cash value, or its cash surrender value has been exhausted or the period of any extended insurance provided by the policy has expired, the policy will be reinstated at any time within two years […]
