§657D-31 Definitions. As used in this part: “Insured” includes any person in the state military forces, whose life is insured under and who is the owner and holder and has an interest in a policy. “Insurer” includes any firm, corporation, partnership, or association chartered or authorized to engage in the insurance business to issue a […]
§657D-32 Persons entitled to benefits; applications; amount of insurance protected. The benefits and privileges of this part shall apply to any insured when the insured, or a person designated by the insured, makes written application for protection under this part, unless the insurance commissioner in passing on the application finds that the policy is not […]
§657D-33 Form of application; reports to insurance commissioner by insurer; policy deemed modified upon application for protection. Any writing signed by the insured and identifying the policy and the insurer, and agreeing that the insured’s rights under the policy are subject to and modified by this part, shall be sufficient as an application for the […]
§657D-34 Determination of policies entitled to protection; notice to parties; lapse of policies for nonpayment of premiums, etc. The insurance commissioner shall determine whether the policy is entitled to protection under this part and shall notify the insured and the insurer of that determination. Any policy found by the insurance commissioner to be entitled to […]
§657D-35 Rights and privileges of insured during period of protection. No dividend or other monetary benefit under a policy shall be paid to an insured or used to purchase dividend additions while a policy is covered by this part except with the approval of the insurance commissioner. Without this approval, those dividends or benefits shall […]
§657D-36 Deduction of unpaid premiums upon settlement of policies maturing during protection. In the event of maturity of a policy as a death claim or otherwise before the expiration of the period of protection under this part, the insurer in making settlement shall deduct from the amount of insurance the premiums guaranteed under this part, […]
§657D-37 Guarantee of premiums and interest by State; settlement of amounts due upon expiration of protection; subrogation of state crediting debt repayments. Payment of premiums and interest thereon at the rate specified in section 657D-36 becoming due on a policy while protected under this part is guaranteed by the State, and if the amount so […]
§657D-38 Rules; finality of determinations. The insurance commissioner shall adopt rules under chapter 91 to implement this part. The findings of fact and conclusions of law made by the insurance commissioner in administering this part shall be final, and shall not be subject to review by any other official or agency of the government. [L […]
