§ 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 […]
§ 10-7-620. Severability
If any provision of this part 6 is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining provisions of this part 6, and to this end the provisions of this part 6 are expressly declared to be severable. Source: L. 2005: Entire part […]
§ 10-7-701. Short Title
This part 7 shall be known and may be cited as the “Insurable Interest Act”. Source: L. 2011: Entire part added, (SB 11-182), ch. 227, p. 972, § 1, effective May 27.
§ 10-7-702. Definitions
As used in this part 7, unless the context otherwise requires: “Business entity” means a legal entity, including a joint venture, partnership, corporation, limited liability company, or business trust. “Person” means any natural person, business entity, association, or trust. “Policy” means an individual or group policy, group certificate, contract, or arrangement of life insurance affecting […]
§ 10-7-703. Insurance on the Life of Another
A person shall not procure or cause to be procured or effected a policy upon the life of another individual unless the benefits under the policy are payable to the insured, to the personal representative of the insured’s estate, or to a person having, at the time the policy is issued, an insurable interest in […]
§ 10-7-704. Insurable Interest
An insurable interest, with reference to insurance on the life of another, exists only as follows: An individual has an insurable interest in the life of another person in whom the individual has a substantial interest engendered by love and affection in the continuation of the life of the insured and who are: Related within […]
§ 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 […]