The provisions of this chapter apply to contracts of life insurance and annuities other than group life insurance, group annuities, and, except sections 976, 977, 983 and 984 of this title, other than industrial life insurance.
(a) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this territory unless it contains in substance all of the provisions required by sections 953–963, inclusive, of this title. This provision shall not […]
There shall be a provision that the insured is entitled to a grace period of one month, but not less than 30 days, within which the payment of any premium after the first may be made, subject at the option of the insurer to an interest charge not in excess of 6 percent per annum […]
In all such policies other than those containing a clause making the policy incontestable from date of issue, there shall be a provision that the policy and the application therefor, if a copy thereof has been endorsed upon or attached to the policy at issue and made a part thereof, shall constitute the entire contract […]
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 two years from its date of issue, except for nonpayment of premiums and except, at the option of the insurer, as to provisions relative to benefits in event […]
There shall be a provision that if it is found that the age of the insured (or the age of any other individual considered in determining the premium) has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age or ages, according to the […]
(a) In all policies which provide for participation in the insurer’s surplus, there shall be a provision that the policy shall so participate annually in the insurer’s divisible surplus as apportioned by the insurer, beginning not later than the end of the third policy year. Any policy containing provision for annual participation beginning at the […]
(a) Except on extended term insurance policies and on policies with no cash surrender value, there shall be a provision that after three full years’ premiums have been paid thereon, the insurer at any time, while the policy is in force, will advance, on proper assignment or pledge of the policy and on the sole […]
There shall be a table showing in figures the loan value, if any, and any options available under the policy each year upon default in premium payments, during at least the first 20 years of the policy, or for its life if maturity or expiry occurs in less than 20 years.
There shall be a provision specifying the option to which the policyholder is automatically entitled in the absence of the election of other nonforfeiture options upon default in premium payment after nonforfeiture values become available.
If the policy provides for payment of its proceeds in installments or as an annuity, a table showing the amount and period of such installments or annuity shall be included in the policy. Except, that if in the judgment of the Commissioner it is not practical to include certain tables in the policy, the requirements […]
There shall be a provision that the policy may be reinstated at any time within three years after the date of default in the payment of any premium, unless the policy has been surrendered for its cash value, or the period of any extended insurance provided by the policy has expired, upon evidence of insurability […]
There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and surrender of the policy.
No annuity or pure endowment contract, other than reversionary annuities, or survivorship annuities, or group annuities, shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 965–971, inclusive, of this title. Any of such provisions not applicable to single premium annuities or single […]
In such contracts, 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 may be made, subject at the option of the insurer, to an interest charge thereon at a […]
If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing such an annuity or pure endowment contract, and subject to section 968 of this title, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of […]
In such contracts there shall be a provision that the contract shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
In such contracts there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefit accruing under the contract shall be such as the stipulated payment or payments to […]
If such contract is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
Such contracts issued after the operative date of section 984 of this title shall contain— (1) a provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified; […]
