§ 10-7-705. Insured’s Own Life
An individual has an insurable interest in the individual’s own life, and an individual of competent legal capacity who procures or effects a policy on the individual’s own life may designate any person as the beneficiary and, unless the individual elects an irrevocable beneficiary designation, change the beneficiary at any time thereafter. Source: L. 2011: […]
§ 10-7-706. Reliance on Statements
An insurer is entitled to rely upon all reasonable statements, declarations, and representations made by an applicant for life insurance relative to the existence of an insurable interest. No insurer incurs legal liability, except as set forth in the policy, by virtue of untrue statements, declarations, or representations relied upon in good faith by the […]
§ 10-7-707. Consent of Insured
A policy upon the life of an individual, other than a policy of noncontributory group life insurance, shall not be effected unless, at or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents in writing to the policy and its terms. Consent may be given […]
§ 10-7-708. Prohibited Practices
It is unlawful for any person to procure, or cause to be procured or effected, a policy in violation of section 10-7-703. Such conduct is an unfair or deceptive act or practice pursuant to section 10-3-1104. It is unlawful for any person to engage in stranger originated life insurance or otherwise wager on life. Such […]
§ 10-7-709. Actions to Recover Death Benefits
If the beneficiary, assignee, or other payee received the death benefits under a life insurance policy procured or effected in violation of this article, the personal representative of the insured’s estate or other lawfully acting agent may maintain an action to recover the death benefits from the person receiving them. Source: L. 2011: Entire part […]
§ 10-7-710. Legitimate Insurance Transactions
Except where a life insurance policy is procured or effected in violation of section 10-7-708, nothing in this article prevents: An owner of a policy, whether or not the owner of the policy is also the subject of the insurance, from entering into a viatical settlement contract; Any person from soliciting a person to enter […]
§ 10-7-801. Short Title
The short title of this part 8 is the “Unclaimed Life Insurance Benefits Act”. Source: L. 2019: Entire part added, (SB 19-088), ch. 110, p. 463, § 4, effective July 1, 2020.
§ 10-7-802. Definitions
As used in this part 8, unless the context otherwise requires: “Contract” means an annuity contract. The term does not include an annuity used to fund an employment-based retirement plan or program if: The insurer does not perform the record-keeping services; or The insurer is not committed by terms of the annuity contract to pay […]
§ 10-7-803. Insurers – Duty to Compare Names of Insureds With Death Master File and to Locate Beneficiaries
An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. An insurer shall perform a comparison of its insureds’ in-force policies, contracts, and retained asset accounts against a death master file, on at least a semiannual basis, by using the full death master file […]
§ 10-7-619. Viatical Settlements Cash Fund – Created
All direct and indirect expenditures of the commissioner and the division in administering this part 6 shall be paid from the viatical settlements cash fund, which fund is hereby created in the state treasury. All fees collected pursuant to this part 6 shall be transmitted to the state treasurer, who shall credit them to the […]