27-15-13
Section 27-15-13 Life insurance policy provisions - Settlement of claims. (a) There shall be
a provision that when a life insurance policy shall become 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 and proof of the interest of the claimant. If an insurer shall specify
a particular period prior to the expiration of which settlement shall be made, such period
shall not exceed two months from the receipt of such proofs. (b) Notwithstanding any other
provision of law regarding payment of interest on contracts, if an insurer fails to pay the
proceeds of or make payment under a policy pursuant to a death claim within 30 days after
receipt of satisfactory proof of death and of the interest of the claimant, and if the beneficiary
of the policy elects to receive a lump-sum payment through a retained asset account or otherwise,
the insurer shall pay interest on any money due and unpaid after...
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27-15-4
Section 27-15-4 Life insurance policy provisions - Incontestability. There shall be a provision
that the policy, exclusive, at the option of the insurer, 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 two years from its date of issue. (Acts 1967,
No. 181, p. 543; Acts 1971, No. 407, p. 707, §349.)...
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27-15-24
Section 27-15-24 Exclusions and restrictions in life insurance policies. (a) No policy of life
insurance shall be delivered or issued for delivery in this state if it contains any of the
following provisions: (1) A provision for a period shorter than that provided by statute within
which an action may be commenced on such a policy; and (2) A provision which 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 restricting
coverage as specified therein in the event of death under any one or more of the following
circumstances: a. Death as a result, directly or indirectly, of war, declared or undeclared,
or of action by military forces, or of any act or hazard of such war or action, or of service
in the military, naval, or air forces or in civilian forces auxiliary thereto, or from any
cause while a member of such military, naval, or air forces of any...
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27-16-4
Section 27-16-4 Policy provisions - 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 than 30 days, and that during the period
of grace the policy shall continue in full force, but if during the grace period the policy
becomes a claim, then any overdue and unpaid premiums may be deducted from any settlement
under the policy. (Acts 1971, No. 407, p. 707, §378.)...
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27-17-3
Section 27-17-3 Policy provisions - 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 premium after
the first may be made, except, that, in policies the premiums which are payable monthly or
less often, the period of grace shall be one month but not less than 30 days, and that during
the period of grace the policy shall continue in full force, but if during the grace period
the policy becomes a claim, then any overdue premiums may be deducted from any cash payment
which may be due under the policy. (Acts 1971, No. 407, p. 707, §394.)...
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27-19-22
Section 27-19-22 Optional policy provisions - Relation of earnings to insurance. (a) There
may be a provision as follows: "Relation of Earnings to Insurance: If the total monthly
amount of loss of time benefits promised for the same loss under all valid loss of time coverage
upon the insured, whether payable on a weekly or monthly basis, shall exceed the monthly earnings
of the insured at the time disability commenced or his average monthly earnings for the period
of two years immediately preceding a disability for which claim is made, whichever is the
greater, the insurer will be liable only for such proportionate amount of such benefits under
this policy as the amount of such monthly earnings or such average monthly earnings of the
insured bears to the total amount of monthly benefits for the same loss under all such coverage
upon the insured at the time such disability commences and for the return of such part of
the premiums paid during such two years as shall exceed the pro rata...
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27-16-9
Section 27-16-9 Policy provisions - Reinstatement. (a) There shall be a provision that unless
the policy has been surrendered for its cash value, or its cash surrender value has been exhausted
or the period of any extended insurance provided by the policy has expired, the policy will
be reinstated at any time within two years after the date of premium default upon written
application therefor, the production of evidence of insurability satisfactory to the insurer,
the payment of all overdue premiums and payment or, within the limits permitted by the then
cash value of the policy, reinstatement of any other indebtedness to the insurer upon the
policy with interest as to both premiums and indebtedness at a rate not exceeding six percent
per annum compounded annually. (b) If for the purpose of or toward reinstatement of a policy
after its lapse the insurer receives a payment or tender of premium or other funds in amount
less than as required to effectuate the reinstatement so as to place...
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27-19-5
Section 27-19-5 Mandatory policy provisions - Time limit on certain defenses. There shall be
a provision as follows: "Time Limit on Certain Defenses: (1) After two years from the
date of issue of this policy, no misstatements, except fraudulent misstatements, made by the
applicant in the application for such policy shall be used to void the policy or to deny a
claim for loss incurred or disability (as defined in the policy) commencing after the expiration
of such two-year period." (The foregoing policy provision shall not be so construed as
to affect any legal requirement for avoidance of a policy or denial of a claim during such
initial two-year period nor to limit the application of Sections 27-19-17 through 27-19-21
in the event of misstatement with respect to age or occupation or other insurance.) (A policy
which the insured has the right to continue in force subject to its terms by the timely payment
of premium: (1) Until at least age 50; or (2) In the case of a policy issued...
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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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27-15-53
Section 27-15-53 Requirements for death master file comparisons. (a) An insurer shall perform
a comparison of its insureds' in-force life insurance policies, annuity contracts, and retained
asset accounts against a death master file, to identify potential death master file matches
of its insureds. Such comparison shall be completed by January 1, 2019. Thereafter, an insurer
shall maintain a program designed to compare each such policy, contract, or account with a
death master file no less frequently than every three years, it being the intent that insurers
fashion a program that best fits their business systems while at the same time protecting
consumers by assuring reasonable checks are being performed to identify unreported deaths.
For those potential death master file matches identified as a result of a death master file
comparison, the insurer shall do all of the following: (1) Within 90 days of a death master
file match: a. Complete a commercially reasonable effort, which shall be...
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