§2501. Scope of chapter This chapter applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities, except that: [PL 2009, c. 244, Pt. I, §1 (AMD).] 1. Section 2537 also applies as to group life insurance and group annuity contracts; and [PL 2009, c. 244, […]
§2502. 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 of $2,500 or less bearing the words “industrial policy,” or “weekly premium policy” or words of similar import imprinted on the face thereof as part of the descriptive matter, […]
§2503. Standard provisions required 1. No policy of life insurance other than pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this State unless it contains in substance all of the applicable provisions required by sections 2504 to 2515. This section shall not […]
§2504. Payment of premiums There shall be a provision relating to the time and place of payment of premiums. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§2505. Grace period There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be […]
§2506. Entire contract There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in the application shall, […]
§2507. Incontestability There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than 2 years after its date of issue, except for nonpayment of premiums and, at the insurer’s option, provisions relating to benefits in the […]
§2508. Misstatement of age There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct […]
§2509. Dividends 1. There shall be a provision in participating policies that, beginning not later than the end of the 3rd policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy provided the policy is in […]
§2510. Policy loan 1. There shall be a provision that after 3 full years’ premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy and on the […]
§2511. Table of installments In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§2512. Reinstatement There shall be a provision that unless: [PL 1969, c. 132, §1 (NEW).] 1. The policy has been surrendered for its cash surrender value; [PL 1981, c. 188, §2 (AMD).] 2. Its cash surrender value has been exhausted; or [PL 1969, c. 132, §1 (NEW).] 3. The paid-up term insurance, […]
§2513. Payment of claims There shall be a provision that when the benefits under the policy shall become payable by reason of 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 proof of the interest of the claimant. […]
§2514. Beneficiary, industrial policies An industrial life insurance policy shall have the name of the beneficiary designated thereon or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the issuance of the policy, unless such beneficiary be irrevocably designated. The […]
§2515-A. Right to examine and return policy 1. Every individual life insurance policy delivered or issued for delivery in this State after December 31, 1976, shall contain a provision therein, or in a separate rider attached thereto when delivered, stating in substance that the person to whom the policy is issued shall be permitted to […]
§2515. Title There shall be a title on the policy, briefly describing the same. [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§2516. Excluded or restricted coverage A clause in any policy of life insurance policy or annuity contract providing that such policy or contract shall be incontestable after a specified period shall preclude only a contest of the validity of the policy or contract, and shall not preclude the assertion at any time of defenses based […]
§2517. Standard provisions — annuity and pure endowment contracts 1. No annuity or pure endowment contract, other than reversionary annuities, also called survivorship annuities, or group annuities and except as stated herein, shall be delivered or issued for delivery in this State unless it contains in substance each of the provisions specified in sections 2518 […]
§2518. Grace period — annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first […]
§2519. Incontestability — annuities If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to section 2521, there shall be a provision that the contract shall be incontestable after it […]
