20-1301. Scope of article The provisions of this article apply only to industrial life insurance policies. Section 20-1217 (contestability as to excluded or restricted coverage), section 20-1226 (limitation of liability), section 20-1227 (incontestability after reinstatement), section 20-1230 (dual pay policies) and sections 20-1231 and 20-1231.01 (standard nonforfeiture law) shall also apply to industrial life insurance.
20-1302. Required provisions No policy of industrial life insurance shall be delivered or be issued for delivery in this state unless it contains in substance the applicable provisions set forth in sections 20-1303 to 20-1316, inclusive.
20-1303. Grace period There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premiums after the first may be made, except that in policies the premiums for which are payable monthly, the period of grace shall be one month, but not less […]
20-1304. Application and policy as entire contract; statements of applicant as representations There shall be a provision that the policy shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall […]
20-1305. Incontestability There shall be a provision that 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 for a period of […]
20-1306. Misstatement of age There shall be a provision that if it is found that the age of the individual insured, or the age of any other individual 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 […]
20-1307. Dividends If a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy, except that at the option of the insurer such participation may be deferred to the end of the fifth policy year. This provision shall not prohibit the payment of […]
20-1308. Nonforfeiture benefits There shall be provisions for nonforfeiture benefits and cash surrender values as required by sections 20-1231 and 20-1231.01.
20-1309. Reinstatement There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within two years from the date of premium default upon written application therefor, the production of evidence of […]
20-1310. Settlement There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the policy and receipt of due proof of death.
20-1311. Authority to alter contract There shall be a provision that no insurance producer shall have the power or authority to waive, change or alter any of the terms or conditions of any policy, except that at the option of the insurer the terms or conditions may be changed by an endorsement signed by a […]
20-1312. Beneficiary; change of beneficiary; payment A. Each policy shall have a space on the front or back page of the policy for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. B. The policy may also provide that no […]
20-1313. Direct payment of premiums In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer, while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office […]
20-1314. Conversion of weekly premium policies There shall be a provision in the case of weekly premium policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting a weekly premium industrial insurance policy to any form of life insurance with less […]
20-1315. Conversion of monthly premium policies There shall be a provision, in the case of monthly premium industrial policies, granting, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting a monthly premium industrial insurance policy to any form of ordinary life insurance regularly issued by […]
20-1316. Title of policy There shall be a title on the face of each such policy briefly describing its form.
20-1317. Provisions inapplicable to single premium or term policies Any of the provisions required by sections 20-1303 to 20-1316, inclusive, or any portion thereof which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions shall to that extent not be incorporated therein.
20-1318. Prohibited provisions No policy of industrial insurance shall contain any of the following provisions: 1. A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer. 2. A provision giving the insurer the right to declare the policy […]
