27-15-22
Section 27-15-22 Annuity and pure endowment contract provisions - Reinstatement. 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 all overdue stipulated payments and any indebtedness to the insurer on the
contract shall be paid or reinstated with interest thereon at a rate to be specified in the
contract, but not exceeding six percent per annum payable annually, and, in cases where applicable,
the insurer may also include a requirement of evidence of insurability satisfactory to the
insurer. (Acts 1971, No. 407, p. 707, §367.)...
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27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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27-15-17
Section 27-15-17 Annuity and pure endowment contract provisions - Grace period. 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
30 days, within which any stipulated payment to the insurer falling due after the first may
be made, subject at the option of the insurer to an interest charge thereon at a rate to be
specified in the contract but not exceeding six percent per annum for the number of days of
grace elapsing before such payment, during which period of grace the contract shall continue
in full force; but in case a claim arises under the contract on account of death prior to
expiration of the period of grace before the overdue payment to the insurer or the deferred
payments of the current contract year, if any, are made, the amount of such payments, with
interest on any overdue payments, may be deducted from any amount payable under...
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27-15-20
Section 27-15-20 Annuity and pure endowment contract provisions - Misstatement of age or sex.
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group
annuity, there shall be a provision that if the age or sex 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 or benefits accruing under the contract shall be such as the stipulated payment, or
payments, to the insurer would have purchased according to the correct age or sex and that
if the insurer shall make, or has made, any overpayment, or overpayments, on account of any
such misstatement the amount thereof, with interest at the rate to be specified in the contract
but not exceeding six percent per annum, may be charged against the current or next succeeding
payment, or payments, to be made by the insurer under the contract. (Acts 1971, No. 407, p.
707, §365.)...
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27-15-18
Section 27-15-18 Annuity and pure endowment contract provisions - Incontestability. 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 27-15-20, there shall be a provision that the contract
shall be incontestable after it has been in force during the lifetime of the person, or of
each of the persons, as to whom such statements are required for a period of two years from
its date of issue, except for nonpayment of stipulated payments to the insurer; and at the
option of the insurer, such contract may also except any provisions relative to benefits in
the event of disability and any provisions which grant insurance specifically against death
by accident or accidental means. (Acts 1971, No. 407, p. 707, §363.)...
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27-15-23
Section 27-15-23 Standard provisions in contracts for reversionary annuities. (a) Except as
stated in this section, 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) Any such reversionary annuity contract shall contain the provisions specified in Sections
27-15-17 through 27-15-21 except that under Section 27-15-20 the insurer may at its option
provide for an equitable reduction of the amount of the annuity payments in settlement of
an overdue or deferred payment in lieu of providing for deduction of such payments from an
amount payable upon settlement under the contract; and (2) In such reversionary annuity contracts,
there shall be a provision that the contract may be reinstated at any time within three years
from the date of default in making stipulated payments to the insurer upon production of evidence
of insurability satisfactory to the insurer and upon condition...
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27-15-78
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium method.
(a) This section shall apply to all policies issued on or after the operative date of this
section as defined herein. Except as provided in subsection (g), the adjusted premiums for
any policy shall be calculated on an annual basis and shall be such uniform percentage of
the respective premiums specified in the policy for each policy year, excluding extra premiums
on a substandard policy and also excluding any uniform annual contract charge or policy fee
specified in the policy in a statement of the method to be used in calculating the cash surrender
values and paid-up nonforfeiture benefits, that the present value, at the date of issue of
the policy, of all adjusted premiums shall be equal to the sum of: (1) The then present value
of the future guaranteed benefits provided for by the policy. (2) One percent of either the
amount of insurance, if the insurance be uniform in amount, or the...
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27-38-2
Section 27-38-2 Variable contracts - Statement of procedures for determining benefits; death
benefit provision. (a) Any variable contract providing benefits payable in variable amounts
delivered, or issued for delivery, in this state shall contain a statement of the essential
features of the procedures to be followed by the insurer in determining the dollar amount
of such variable benefits. Any such contract, including a group contract, and any certificate
in evidence of variable benefits issued thereunder shall state that such dollar amount will
vary to reflect investment experience and shall contain on its first page a statement to the
effect that the benefits thereunder are on a variable basis. (b) Variable annuity contracts
delivered, or issued for delivery, in this state may include as an incidental benefit provision
for payment on death during the deferred period of an amount not in excess of the greater
of the sum of the premiums or stipulated payments paid under the contract or...
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27-15-19
Section 27-15-19 Annuity and pure endowment contract provisions - Entire contract. In an annuity
or pure endowment contract, other than a reversionary, survivorship, or group annuity, there
shall be a provision that the written contract shall constitute the entire contract between
the parties or, if a copy of the application or a summary thereof is endorsed upon or attached
to the contract when issued, a provision that the written contract and the application or
summary thereof shall constitute the entire contract between the parties. In the event of
discrepancies between the original application and the summary, the contents of the original
application shall govern. When a summary of the application is attached to the policy, the
insurer shall keep and maintain the original application for insurance or a copy thereof for
a period of not less than three years from the date on which the policy was issued. (Acts
1935, No. 152, p. 194; Acts 1971, No. 407, p. 707, §364; Acts 1988, No....
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27-15-21
Section 27-15-21 Annuity and pure endowment contract provisions - Dividends. 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. (Acts 1971, No. 407, p. 707, §366.)...
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