§ 23-81-101. Title required
There shall be a title on the policy briefly describing it.
§ 23-81-102. Scope
(a) This section, §§ 23-81-101, 23-81-103 — 23-81-117, 23-81-120 — 23-81-136, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., apply to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities, and industrial life insurance. (b) However, the following statutes shall also apply to industrial life insurance: […]
§ 23-81-103. Life insurance — Standard provisions required
(a) No policy of life insurance, other than credit life, 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 state unless it contains in substance each of the provisions required by §§ 23-81-101 and 23-81-104 — 23-81-112. (b) This […]
§ 23-81-104. Life insurance — Grace period provision
(a) There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy […]
§ 23-81-105. Life insurance — Incontestability provision
There shall be a provision that, except for fraud in the procurement, the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured […]
§ 23-81-106. Life insurance — Integrity of contract and alteration of contract provisions
(a) There shall be a provision that the policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties and that all statements contained in the application, in the absence of fraud, shall be […]
§ 23-81-107. Life insurance — Misstatement of age provision
(a) There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age. (b) As to overstatement […]
§ 23-81-108. Life insurance — Dividend provision
(a) There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy, provided that the policy is in force […]
§ 23-81-109. Life insurance — Adjustment of loan interest rates provision
(a) Purpose. The purpose of this section is to permit and set guidelines for life insurers to include in life insurance policies issued after June 17, 1981, a provision for periodic adjustment of policy loan interest rates. (b) Definitions. For purposes of this section, the “published monthly average” means: (1) Moody’s Corporate Bond Yield Average […]
§ 23-81-110. Life insurance — Table of installments provision
In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments per stated unit.
§ 23-81-111. Life insurance — Reinstatement provision
There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the date of premium default upon written […]
§ 23-81-112. Life insurance — Payment of premiums provision
There shall be a provision relative to the payment of premiums.
§ 23-81-113. Life insurance — Payment of claims provision
(a) There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer’s option, surrender of the policy or proof of the interest of the claimant, or both surrender and proof. (b) If […]
§ 23-81-114. Life insurance — Excluded or restricted coverage clauses limited
A clause in any policy of life insurance providing that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy. Such a clause shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether […]
§ 23-81-115. Life insurance — Limitation of liability
(a) No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (1) A provision for a period shorter than that provided by statute within which an action at law or in equity may be commenced on such a policy; (2) A provision […]
§ 23-81-116. Life insurance — Holding of proceeds
(a) Any 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 exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy […]
§ 23-81-117. Life insurance — Indebtedness deducted from proceeds
In determining the amount due under any life insurance policy 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 policy then […]
§ 23-81-118. Life insurance — Refund of certain premiums and payment of proceeds
(a) Upon the death of an insured, the proceeds payable to the beneficiary under any policy of individual life insurance, delivered or issued for delivery in this state after July 20, 1979, that is in force on a premium-paying basis on the date of death shall include premiums paid for any period beyond the end […]
§ 23-81-120. Life insurance — Unnamed beneficiaries prohibited
(a) No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. (b) This provision shall not be deemed to prohibit: (1) The payment […]
§ 23-81-121. Annuity and pure endowment contracts — Standard provisions required
(a) No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 23-81-122 — 23-81-127. Any of the provisions not applicable to […]