20-1221. Application and contract as entire contract in annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, 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 […]
20-1222. Misstatement of age in annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age 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 […]
20-1223. Dividends on annuities If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
20-1224. Reinstatement of annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but […]
20-1225. Standard provisions required in reversionary annuities A. Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: 1. The reversionary annuity contract shall contain the provisions specified in sections 20-1219, 20-1220, 20-1221, 20-1222 and […]
20-1226. Limitation of liability A. No life insurance policy shall be delivered or issued for delivery in this state if it contains a provision that excludes or restricts liability for death caused in a certain specified manner or occurring while the insured has a specified status, except that a policy may contain provisions excluding or […]
20-1227. Incontestability after reinstatement The reinstatement of any policy of life insurance or annuity contract delivered or issued for delivery in this state after January 1, 1955 may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and […]
20-1228. Policy settlements Any life insurer may 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 or […]
20-1229. Authorized deductions from insurance 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. 2. The amount of principal and accrued interest of any policy loan or other […]
20-1230. Prohibition of dual or multiple pay policies 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.
20-1231. Standard nonforfeiture law for life insurance A. This section may be cited as the standard nonforfeiture law for life insurance. B. Nonforfeiture provisions–Life. In the case of policies issued on or after the operative date of this section as defined in subsection J of this section, no policy of life insurance, except as set […]
20-1231.01. Standard nonforfeiture law for life insurance; table for calculating adjusted premiums; definitions A. Except as provided in paragraph 7 of this section, on a policy issued on or after the operative date as provided in this section: 1. The adjusted premiums for any policy shall be calculated on an annual basis and shall be […]
20-1232. Standard nonforfeiture law for individual deferred annuities A. A contract of annuity, except as stated in subsection K of this section, shall not be delivered or issued for delivery in this state unless the contract contains in substance the following provisions or corresponding provisions that in the opinion of the director are at least […]
20-1233. Free look; annuity contracts A. Each annuity contract delivered or issued for delivery in this state and each annuity application shall contain a notice prominently printed on or attached to the first page stating that, on written request, an insurer is required to provide within a reasonable time reasonable factual information regarding the benefits […]
