20-1201. Scope of article This article applies to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities and industrial life insurance. 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 […]
20-1202. Standard provisions required in life insurance policies 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 state unless it contains in substance all of the provisions required by sections 20-1203 […]
20-1203. Grace period There shall be a provision that a grace period of thirty days, or, at the option of the insurer, of one month of not less than thirty days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall […]
20-1204. 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 […]
20-1205. Application and policy as entire contract; statements in application as representations; information 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 […]
20-1206. Misstatement of age 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 or […]
20-1207. Dividends 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 the policy is in force […]
20-1208. Policy loan on old policies A. In the case of policies issued prior to the operative date of section 20-1231, there shall be a provision that after three full years premiums have been paid, the insurer at any time while the policy is in force will advance on proper assignment or pledge of the […]
20-1209. Policy loan on new policies A. In case of policies issued on and after January 1, 1979, there shall be a provision that after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of […]
20-1209.01. Maximum rate of interest on policy loans; definitions A. Policies issued on or after the effective date of this section shall provide for policy loan interest rates at either of the following levels: 1. A maximum interest rate of not more than eight per cent a year. 2. An adjustable maximum interest rate established […]
20-1210. Nonforfeiture options in old policies A. There shall be a provision specifying the option to which the policyholder is entitled in the event of default in a premium payment after three full annual premiums have been paid. This provision shall not be required in term insurance of twenty years or less, for which uniform […]
20-1212. Table of installments 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.
20-1213. 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 three years from the date of premium default upon written application therefor, the production of evidence of […]
20-1214. Payment of premiums There shall be a provision that all premiums after the first shall be payable in advance.
20-1215. Payment of claims 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, at the insurer’s option, surrender of the policy, proof of the interest of the claimant, or both. If an insurer specifies […]
20-1216. Policy title There shall be a title on the face and on the back of the policy, briefly describing the policy.
20-1217. Excluded or restricted coverage 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, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or […]
20-1218. Standard provisions required in annuity and pure endowment contracts 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 sections […]
20-1219. Grace period in annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than thirty days, within which any stipulated payment to the insurer falling due after the first […]
20-1220. Incontestability in annuities If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to section 20-1222, there shall be a provision that the contract shall be incontestable after it […]
