632.41 Prohibited provisions in life insurance. (1) Assessable policies. No insurer may issue assessable life insurance policies under which assessments or calls may be made upon policyholders or others. (2) Burial insurance. Except as provided in s. 632.415, no contract in which the insurer agrees to provide benefits to pay for any of the incidents […]
632.415 Funeral policies. (1) In this section, “multipremium funeral policy” means a life insurance policy sold under sub. (2) for which premiums to fund the policy are paid over time. (2) A life insurance policy may provide for the assignment of the proceeds of the policy to a funeral director or operator of a funeral […]
632.42 Trustee and deposit agreements in life insurance. (1) Trustee and other agreements. An insurer may hold as a part of its general assets the proceeds of any policy subject to this subchapter under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by the beneficiary […]
632.43 Standard nonforfeiture law for life insurance. (1) On and after January 1, 1948, no policy of life insurance, except as stated in sub. (8), shall be issued or delivered in this state unless it shall contain in substance the following provisions, or corresponding provisions which in the opinion of the commissioner are at least […]
632.435 Standard nonforfeiture law for individual deferred annuities. (1) No contract of annuity shall be delivered or issued for delivery in this state unless it contains in substance the following provisions or corresponding provisions which in the opinion of the commissioner are at least as favorable to the contract holder: (a) Upon cessation of payment […]
632.44 Required provisions in life insurance. (1) Separate benefits. Every life insurance policy shall specify separately each benefit promised in the policy. (2) Grace period. Every life insurance policy other than a group policy shall contain a provision entitling the policyholder to a grace period of not less than 31 days for the payment of […]
632.45 Contracts providing variable benefits. (1) Identification. Any contract issued under s. 611.25 or under any section of chs. 600 to 646 incorporating s. 611.25 by reference which provides for payment of benefits in variable amounts shall contain a statement of the essential features of the procedure to be followed by the insurer in determining […]
632.46 Incontestability and misstated age. (1) Incontestability of individual policies. Except under sub. (3) or (4) or for nonpayment of premiums, no individual life insurance policy may be contested after it has been in force from the date of issue for 2 years during the lifetime of the person whose life is at risk. (2) […]
632.47 Assignment of life insurance rights. (1) General. Except as provided in sub. (3), the owner of any rights under a life insurance policy or annuity contract may assign any of those rights, including any right to designate a beneficiary and the rights secured under s. 632.57 or any other statute. An assignment valid under […]
632.475 Life insurance policy loans. (1) Definitions. In this section: (a) “Policy” includes a life insurance policy, a certificate issued by a fraternal benefit society and an annuity contract. (b) “Policy loan” means a loan by an insurer, including a premium loan, secured by the cash surrender value of a policy issued by the insurer. […]
632.48 Designation of beneficiary. (1) Powers of policyholders. Subject to s. 632.47 (2), no life insurance policy or annuity contract may restrict the right of a policyholder or certificate holder: (a) Irrevocable designation of beneficiary. To make at any time an irrevocable designation of beneficiary effective at once or at some subsequent time; or (b) […]
632.50 Estoppel from medical examination. If under the rules of any insurer issuing life insurance, its medical examiner has authority to issue a certificate of health, or to declare the proposed insured acceptable for insurance, and so reports to the insurer or its agent, the insurer is estopped to set up in defense of an […]
632.56 Required group life insurance provisions. Every group life insurance policy shall contain the following: (1) Evidence of insurability. A provision setting forth any conditions under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or […]
632.57 Conversion option in group and franchise life insurance. (1) Scope of application. This section applies to all group life insurance policies other than credit life insurance policies and applies to franchise life insurance policies providing term insurance renewable only while the insured is a member of the franchise unit. (2) Conversion right upon loss […]
632.60 Limitation on credit life insurance. Nothing in chs. 600 to 646 authorizes licensees under s. 138.09 to require or accept insurance not permitted under s. 138.09 (7) (h). History: 1975 c. 375; 1979 c. 89.
632.62 Participating and nonparticipating policies. (1) Authorization. (a) Stock insurers. A stock insurer may issue both participating and nonparticipating life insurance policies and annuity contracts, subject to this section. (b) Fraternals and mutual insurers. A fraternal or mutual insurer issuing life insurance policies may issue only participating policies, except for the following situations in which […]
632.63 Unclaimed life insurance and annuities. (1) Definitions. In this section: (a) “Contract” means an annuity contract. “Contract” shall not include an annuity used to fund an employment-based retirement plan or program where the insurer does not perform the record-keeping services or the insurer is not committed by terms of the annuity contract to pay […]
632.64 Certification of disability. For the purpose of insurance policies that they issue, insurers doing a life insurance business in this state shall afford equal weight to a certification of disability signed by a physician with respect to matters within the scope of the physician’s professional license, to a certification of disability signed by a […]
632.65 Annuities exempt from regulation. (1) In this section, “qualified charitable gift annuity” means an annuity that satisfies all of the following: (a) The annuity is established under a transaction that, for federal income tax purposes, is treated partly as a charitable contribution under section 170 of the Internal Revenue Code and partly as an […]
632.66 Annuity contracts without life contingencies. (1) The commissioner may by rule authorize insurers to issue annuity contracts which are without life contingencies. If the commissioner authorizes insurers to issue annuity contracts without life contingencies, the commissioner shall promulgate rules regulating those contracts. (2) (a) In this subsection, “funding agreement” means an annuity without life […]
