In such contracts there shall be a provision that the contract may be reinstated at any time within one year from the date of default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall […]
No contract for a reversionary annuity shall be delivered or issued for delivery in this territory unless it contains in substance each of the provisions specified in sections 973 and 974 of this title. Any of such provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein. This section shall […]
Any such reversionary annuity contract shall contain the provisions specified in sections 965–969, inclusive, of this title, except that under section 965 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction […]
In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to […]
The Commissioner may make reasonable rules and regulations concerning the conditions in provisions granting additional benefits in event of the insured’s accidental death, or in event the insured becomes totally and permanently disabled, which are a part of or supplemental to life insurance contracts.
(a) The insurer may in any life insurance policy or annuity or pure endowment contract limit its liability to a determinable amount not less than the full reserve of the policy and of dividend additions thereto in event only of death occurring— (1) as a result of war, or any act of war, declared or […]
The reinstatement of any policy of life insurance or contract of annuity hereafter delivered or issued for delivery in this territory may be contestable on account of fraud or misrepresentation of acts material to the reinstatement only for the same period following reinstatement as the policy provides with respect to contestability after original issuance.
(a) A life insurer may, under such policy provisions or agreements as have been approved by the Commissioner consistent with this section, contract for and accept premium deposits in addition to the regular premiums specified in the policy, for the purpose of paying future premiums, or to facilitate conversion of the policy, or to increase […]
A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy […]
In determining the amount due under any life insurance heretofore or hereafter issued, deduction may be made of— (1) any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and (2) the amount of principal and accrued interest of any policy loan or other indebtedness against the […]
Upon the death of the insured and except as is otherwise expressly provided by the policy or premium deposit agreement, a life insurer may pay to the surviving spouse, children, beneficiary, or other person other than the insured’s estate, appearing to the insurer to be equitably entitled thereto, sums held by it and comprising— (1) […]
No life insurer nor any of its representatives, agents, or affiliates, shall buy, take by assignment other than in connection with policy loans, or otherwise deal or traffic in any rights to dividends existing under participating life insurance policies issued by the insurer.
No life insurer shall hereafter issue for delivery or deliver in this territory any life insurance policy— (1) issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other […]
