§2401. Scope of chapter This chapter applies as to all insurance contracts and annuity contracts, other than: [PL 1969, c. 132, §1 (NEW).] 1. Reinsurance. [PL 1969, c. 132, §1 (NEW).] 2. Unless otherwise specifically indicated, policies or contracts not issued for delivery in this State nor delivered in this State; and […]
§2402. “Policy” defined “Policy” means the written contract of or written agreement for or effecting insurance, by whatever name called, and includes all clauses, riders, endorsements and papers which are a part thereof. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§2403. “Premium” defined “Premium” is the consideration for insurance, by whatever name called. Any “assessment”, or any “membership”, “policy”, “survey”, “inspection”, “service” or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§2404. Insurable interest — personal insurance 1. Any individual of competent legal capacity may procure or effect an insurance contract upon the individual’s own life or body for the benefit of any person. But a person may not procure or cause to be procured any insurance contract upon the life or body of another individual […]
§2405. Insurable interest — exception when certain institutions designated beneficiary 1. Life insurance contracts may be entered into in which the person, trust or trustee paying the consideration for the insurance has no insurable interest in the life of the individual insured, where charitable, benevolent, educational or religious institutions, or their agencies, are designated irrevocably […]
§2406. Insurable interest, property 1. 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. [PL 1969, c. 132, §1 […]
§2407. Power to contract — purchase of insurance and annuities by minors 1. Any person of competent legal capacity may contract for insurance. [PL 1969, c. 132, §1 (NEW).] 2. Any minor not less than 15 years of age, nearest birthday, may, notwithstanding the minor’s minority, contract for or own annuities, or insurance, or […]
§2408. Consent of insured for health and life insurance 1. No life or health insurance contract upon an individual, including contracts which may arise under section 2404, subsection 3, paragraph D, may be made or effectuated, unless at the time of the making of the contract the individual insured, being of competent legal capacity to […]
§2409. Alteration of application, life and health insurance An alteration of any written application for any life or health insurance policy or annuity contract may not be made by any person other than the applicant without the applicant’s written consent, except that insertions may be made by the insurer, for administrative purposes only, in such […]
§2410. Application; statements; as evidence 1. The insured shall not be bound by any statement made in an application for an individual life or health insurance policy or annuity contract, and the application shall not be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application […]
§2411-A. Payment of fees for filings The superintendent may require insurers to pay filing fees for form and rate approval on a quarterly, biannual or annual basis. [PL 1997, c. 457, §42 (NEW).] SECTION HISTORY PL 1997, c. 457, §42 (NEW).
§2411. Representations in applications All statements and descriptions in any application for insurance or for an annuity contract, by or in behalf of the insured or annuitant, are deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements may not prevent a recovery under the policy or contract unless either: […]
§2412-A. Large commercial contracts 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Contract of insurance” means a contract of insurance, as defined in section 3, that provides for property or casualty insurance coverages or a combination of property or casualty insurance, excluding […]
§2412. Filing, approval of forms 1. An insurance policy or annuity contract form may not be delivered or issued for delivery in this State unless the form has been filed with and approved by the superintendent in accordance with the following. A. For purposes of this section, “form” includes: (1) The basic form […]
§2413. Grounds for disapproval 1. The superintendent shall disapprove any form filed under section 2412, or withdraw any previous approval thereof, only on one or more of the following grounds: A. If it is in any respect in violation of or does not comply with this Title; [PL 1969, c. 132, §1 (NEW).] […]
§2414. Standard provisions, in general 1. 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. The superintendent may waive the required use of a particular provision in a particular insurance policy form if: A. The superintendent […]
§2415. Charter, bylaw provisions No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer (other than the subscriber’s agreement or power of attorney of a reciprocal insurer) a part of the contract unless such portion is set forth in full in the policy. […]
§2416. Execution of policies 1. Every insurance policy shall be executed in the name of and on behalf of the insurer by its officer, attorney in fact, employee, or representative duly authorized by the insurer. [PL 1969, c. 132, §1 (NEW).] 2. A facsimile signature of any such executing individual may be used in […]
§2417. Underwriters’ and combination policies 1. Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters’ policy bearing their names. Any one insurer may issue policies in the name of an underwriter’s department and such policy shall plainly show the true name of the insurer. [PL […]
§2418. Validity and construction of noncomplying forms 1. A policy hereafter delivered or issued for delivery to any person in this State in violation of this Title but otherwise binding on the insurer, shall be held valid, but shall be construed as provided in this Title. [PL 1969, c. 132, §1 (NEW).] 2. Any […]
