31A-22-400. Scope of part. This Part 4, Life Insurance and Annuities, applies to all life insurance policies and contracts, including: (1) an annuity contract; (2) a credit life contract; (3) a franchise contract; (4) a group contract; and (5) a blanket contract. Amended by Chapter 90, 2004 General Session
31A-22-401. Prohibited life insurance policy provisions. No life insurance company may issue or deliver any life insurance policy subject to this chapter under Section 31A-21-101 which contains any provision: (1) forfeiting the policy for failure to repay any loan on the policy or to pay interest on the loan while the total indebtedness on the […]
Effective 5/5/2021 31A-22-402. Grace period — Notification. (1) (a) Every life insurance policy other than a group policy shall contain a provision entitling the policyholder to a grace period within which the payment of any premium may be made after the first payment of any premium. (b) During the grace period described in Subsection (1)(a), […]
31A-22-403. Incontestability. (1) This section does not apply to group policies. (2) (a) Except as provided in Subsection (3), a life insurance policy is incontestable after the policy has been in force for a period of two years from the policy’s date of issue: (i) during the lifetime of the insured; or (ii) for a […]
31A-22-404. Suicide. (1) (a) Suicide is not a defense to a claim under a life insurance policy that is in force for two years from the date of issuance of the later of: (i) the policy; or (ii) the certificate. (b) Subsection (1)(a) applies whether: (i) the insured’s death by suicide is voluntary or involuntary; […]
31A-22-405. Misstated age or gender. (1) Subject to Subsection (2), if the age or gender of the person whose life is at risk is misstated in an application for a policy of life insurance, and the error is not adjusted during the person’s lifetime, the amount payable under the policy is what the premium paid […]
31A-22-406. Table of installments. Any life insurance policy which provides that the proceeds may be payable in installments, which are determinable at the issue of the policy, shall provide in the policy a table showing the amounts and intervals of the guaranteed installments. Enacted by Chapter 242, 1985 General Session
31A-22-407. Reinstatement. (1) Except as provided under Subsection (2), life insurance policies, other than group policies, shall be reinstated upon written application made within three years, or within two years in the case of policies with face amounts under $5,000, from the date of premium default. The applicant shall produce evidence of insurability satisfactory to […]
Effective 5/10/2016 31A-22-408. Standard Nonforfeiture Law for Life Insurance. (1) (a) This section is known as the “Standard Nonforfeiture Law for Life Insurance.” (b) This section does not apply to group life insurance. (c) As used in this section, “operative date of the valuation manual” means the same as that term is described in Subsection […]
Effective 5/5/2021 31A-22-409. Standard Nonforfeiture Law for Individual Deferred Annuities. (1) This section is known as the “Standard Nonforfeiture Law for Individual Deferred Annuities.” (2) This section does not apply to: (a) reinsurance; (b) a group annuity purchased under a retirement plan or plan of deferred compensation: (i) established or maintained by: (A) an employer, […]
31A-22-410. Trustee and deposit agreements. (1) An insurer may hold as a part of its general assets the proceeds of any life insurance policy or annuity under a trust or other agreement, upon the terms and restrictions as to revocation by the policyholder and control by the beneficiary, and with the exemptions from the claims […]
31A-22-411. Insurance policies providing variable benefits. (1) An insurance policy that provides for payment of a benefit in a variable amount shall contain a statement of the essential features of the procedure to be followed by the insurer in determining the dollar amount of the variable benefits. (2) A variable insurance policy shall contain: (a) […]
Effective 5/12/2020 31A-22-412. Assignment of life insurance rights. (1) As used in this section, “final termination of a policy” means the day after which an insurer will not reinstate a policy without requiring: (a) evidence of insurability; or (b) written application. (2) (a) Except as provided under Subsection (4), the owner of any rights in […]
Effective 5/12/2020 31A-22-413. Designation of beneficiary. (1) Subject to Subsection 31A-22-412(3), no life insurance policy or annuity contract may restrict the right of a policyholder or certificate holder: (a) to make an irrevocable designation of beneficiary effective immediately or at some subsequent time; or (b) if the designation of beneficiary is not explicitly irrevocable, to […]
31A-22-414. Evidence as to death. The rules relating to determination of death under Section 75-1-107 are applicable to life insurance. Amended by Chapter 30, 1992 General Session
31A-22-415. Simultaneous death. Section 75-2-702 applies to all policies of life and accident and health insurance. Amended by Chapter 116, 2001 General Session
31A-22-416. Reserved. Enacted by Chapter 242, 1985 General Session
31A-22-417. Physical examination and autopsy. A life insurer may, at its own expense, examine the body of the insured when and as often as the insurer reasonably requires during the pendency of a claim, and it may make an autopsy in case of death where it is reasonably necessary and not forbidden by law. Enacted […]
31A-22-418. Participating and nonparticipating policies. (1) (a) A stock insurer and a mutual insurer may issue both participating and nonparticipating life insurance policies and annuity contracts, subject to this section. (b) A fraternal insurer issuing life insurance policies in this state may only issue participating policies, except for the following nonparticipating policies: (i) paid-up, temporary, […]
31A-22-419. Insurer’s purchase of and loans on policies. Any life insurer may purchase for its own benefit any policy of insurance or other obligation of the company and any claim of its policyholders. The insurer may also lend to the holders of policies of the company a sum which does not exceed the sum of […]
