§ 3715. Forms for proof of loss to be furnished
§ 3715. Forms for proof of loss to be furnished An insurer shall furnish upon written request of any person claiming to have a loss under an insurance policy issued by such insurer, forms of proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to […]
§ 3716. Claims administration not waiver
§ 3716. Claims administration not waiver Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder: (1) Acknowledgment of the receipt […]
§ 3717. Annuity contracts
§ 3717. Annuity contracts A company authorized to transact the business of life insurance may grant annuities. An annuity is a contract issued for a valuable consideration under which the obligations are assumed with respect to periodic payments for a specified term or terms or where the making or continuance of all or of some […]
§ 3707. Disability benefits
§ 3707. Disability benefits Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all policies or contracts providing benefits on account of the insured’s disability which are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt […]
§ 3700. Statutory purposes
§ 3700. Statutory purposes The statutory purpose of the exemption for annuity considerations in section 3718 of this title is to avoid reciprocity from other states. (Added 2013, No. 200 (Adj. Sess.), § 17.)
§ 3701. Discriminations prohibited
§ 3701. Discriminations prohibited A life insurance company doing business in the State shall not make or permit to be made any distinction or unfair discrimination between individual insureds of the same class and of equal expectation of life as to: (1) the amount of the premiums or the terms of payment thereof; or (2) […]
§ 3702. Other prohibited practices
§ 3702. Other prohibited practices A life insurance company doing business in the State or an agent thereof shall not: (1) issue a policy of insurance or make an agreement other than that plainly expressed in the policy issued to the insured; (2) pay or allow, or offer to pay or allow, as an inducement […]
§ 3703. Penalties
§ 3703. Penalties A person violating sections 3701 and 3702 of this title may be subject to an administrative penalty of not more than $2,000.00; and the license of such person or company may be suspended by the Commissioner for not less than three months nor more than six months, and for a second offense […]
§ 3704. Trust agreements
§ 3704. Trust agreements A life insurance company chartered by and doing business in this State shall have power and authority to hold in trust or otherwise the proceeds of any life insurance policy or annuity issued by it upon such terms and subject to such conditions and limitations as may be agreed upon in […]
§ 3705. Spendthrift provisions; creditors of beneficiary
§ 3705. Spendthrift provisions; creditors of beneficiary When a contract of annuity, a policy of insurance, or other contract of a life insurance company authorized to do business in this State is entered into with any person for the benefit of another, and such contract so provides, a beneficiary entitled to any of the proceeds […]