632.62 – Participating and nonparticipating policies.
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.
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 […]
632.46 – Incontestability and misstated age.
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.
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.
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.
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.
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 […]
632.435 – Standard nonforfeiture law for individual deferred annuities.
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.
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.
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 […]