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INSURANCE CODE; RATES AND CONTRACTS Ch PDF

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INSURANCE CODE; RATES AND CONTRACTS Ch. 627 mentary expense coverage therein. (2) Any group or blanket policy. (3) Life insurance, endowment or annuity contracts, or contracts supplemental thereto which
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INSURANCE CODE; RATES AND CONTRACTS Ch. 627 mentary expense coverage therein. (2) Any group or blanket policy. (3) Life insurance, endowment or annuity contracts, or contracts supplemental thereto which contain only such provisions relating to disability insurance as: (a) Provide additional benefits in case of death or dismemberment or loss of sight by accident or accidental means, or as (b) Operate to safeguard such contracts against lapse, or to give a special surrender value or special benefit or an annuity in the event that the insured or annuitant becomes totally and permanently disabled, as defined by the contract or supplemental contract. ( 4) Reinsurance. Bistory.- 544, ch Note.-slmllar provisions found In former , Scope, format of policy.-no policy of disability insurance shall be delivered or issued for delivery to any person in this state unless it otherwise complies with this code, and complies with the following: (1) The entire money and other considerations therefor shall be expressed therein; (2) The time when the insurance takes effect and terminates shall be expressed therein; (3) It shall purport to insure only one person, except that a policy may insure, originally or by subsequent amendment, upon the application of an adult member of a family who shall be deemed the policyholder, any two or more eligible members of that family, including husband, wife, dependent children or any children under a specified age which shall not exceed twenty-one years and any other person dependent upon the policyholder; (4) The style, arrangement and overall appearance of the policy shall give no undue prominence to any portion of the text, and every printed portion of the text of the policy and of any endorsements or attached papers shall be plainly printed in lightfaced type of a style in general use, the size of which shall be uniform and not less than ten-point with a lower case unspaced alphabet length not less than one hundred and twenty-point (the text shall include all printed matter except the name and address of the insurer, name or title of the policy, the brief description, if any, and captions and subcaptions) ; (5) The exceptions and reductions of indemnity shall be set forth in the policy and, other than those contained in , inclusive, shall be printed, at the insurer's option, either included with the benefit provisions to which they apply, or under an appropriate caption such as Exceptions, or Exceptions and Reductions, except that if an exception or reduction specifically applies only to a particular benefit of the policy, a statement of such exception or reduction shall be included with the benefit provision to which it applies; (6) Each such form, including riders and endorsements, shall be identified by a form number in the lower left-hand corner of the first page thereof; and 2851 (7) The policy shall contain no prov1s10n purporting to make any portion of the charter, rules, constitution or by-laws of the insurer a part of the policy uniess such portion is set forth in full in the policy, except in the case of the incorporation of, or reference to, a statement of rates or classification of risks, or shortrate table filed with the commissioner. (8) The commissioner may require any disability insurance policy or certificate containing a provision commonly known as a deductible provision to have printed or stamped on such policy or certificate this policy or certificate contains a deductible provision, or appropriate words of similar import approved by the commissioner. This legend shall appear on the first page of such policy or certificate in at least eighteen point type and may be either as an overprint or by means of a rubber stamp impression in a contrasting color. Bistory.- 545, ch ; (8) n. by 1, ch Note.-Slmllar provisions found ln former , Death benefits.-any such policy may contain a provision for paying a benefit for death from any cause in an amount not exceeding two hundred and fifty dollars, which benefit shall not relieve such policy from the requirements of this chapter. This provision shall not limit benefits for death by accident. Bistory.- 546, ch Note.-Simllar provisions found in former Nonresident insured.-if any policy is issued by an insurer domiciled in this state for delivery to a person residing in another state, and if the official having responsibility for the administration of the insurance laws of such other state shall have advised the commissioner that any such policy is not subject to approval or disapproval by such official, the commissioner may by ruling require that such policy meet the standards set forth in part VI of this chapter. Bistory.- 547, ch Note.-Slrrillar provlsjons found ln former Required provisions; captions, omissions, substitutions.- (!) Except as provided in subsection (2), each such policy delivered or issued for delivery to any person in this state shall contain the provisions specified in , inclusive, in the words in which the same appear; except, that the insurer may, at its option, substitute for one or more of such provisions corresponding provisions of different wording approved by the commissioner which are in each instance not less favorable in any respect to the insured or the beneficiary. Each such provision shall be preceded individually by the applicable caption shown, or at the option of the insurer, by such appropriate individual or group captions or subcaptions as the commissioner may approve. (2) If any such provision is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of pol- Ch. 627 INSURANCE CODE; RATES AND CONTRACTS icy, the insurer, with the approval of the commissioner, shall omit from such policy any inapplicable provision or part of a provision, and shall modify any inconsistent provision or part of a provision in such manner as to make the provision as contained in the policy consistent with the coverage provided by the policy. History.-~548, ch Note.-Simllar provisions found In former Entire contract; changes.-there shall be a provision as follows: Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer and unless such approval be endorsed hereon or attached hereto. No agent has authority to change this policy or to waive any of its provisions. History.- 549, ch Note.-Simllar provisions found In former Time limit on certain defenses. There shall be a provision as follows: Time Limit on Certain Defenses: (1) After three 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 threeyear 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 three-year period, nor to limit the application of in the event of misstatement with respect to age or occupation or other insurance.) A policy which the insured has the right to cont-inue in force subject to its terms by the timely payment of premium (a) Until at least age fifty or, (b) In the case of a policy issued after age forty-four, for at least five years from its date of issue, may contain in lieu of the foregoing the following provision (from which the clause in parentheses may be omitted at the insurer's option) under the caption Incontestable : After this policy has been in force for a period of three years during the lifetime of the insured (excluding any period during which the insured is disabled), it shall become incontestable as to the statements contained in the application. (2) No claim for loss incurred or disability (as defined in the policy) commencing after three years from the date of issue of this policy shall be reduced or denied on the ground that a disease or physical condition not excluded from coverage by name or specific description effective on the date of loss had existed prior to the effective date of coverage of this policy. (For the purpose of permitting insurers to 2852 use a uniform policy in several states, the insurer is permitted to print in the policy form in required provisions (1) and (2), above, the term three years. Nevertheless, the provisions of the contract and text of the statute to the contrary notwithstanding, the time limits for such defenses under any contract delivered or issued for delivery to any person in this state shall not exceed two years.) Hlstory.- 550, ch Note.-Similar provisions found In former Grace period.-there shall be a provision as follows: Grace Period: A grace period of... (insert a number not less than '7' for the weekly premium policies, '10' for monthly premium policies and '31' for all other policies) days will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force. (A policy which contains a cancellation provision may add, at the end of the above provision: subject to the right of the insurer to cancel in accordance with the cancellation provision hereof. ) A policy in which the insurer reserves the right to refuse any renewal shall have, at the beginning of the above provision: Unless not less than five days prior to the premium due date the insurer has delivered to the insured or has mailed to his last address as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted. Hlstory.- 551, ch Note.-Simllar provisions found In former Reinstatement.-There shall be a provision as follows: Reinstatement: If any renewal premium be not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent duly authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the forty-fifth day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten days after such date. In all other respects the insured and insurer shall have the same rights thereunder as they had under the policy immediately be- INSURANCE CODE; RATES AND CONTRACTS Ch. 627 fore the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty days prior to the date of reinstatement. (The last sentence of the ahove provision may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums until at least age fifty or, in the case of a policy issued after age forty-four, for at least five years from its date of issue.) History.- 552, ch Note.-S!mllar provisions found In former Notice of claim.-there shall be a provision as follows: Notice of Claim: Written notice of claim must be given to the insurer within twenty days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by or on behalf of insured or the beneficiary to the insurer at.... (insert the location of such office as the insurer may designate for the purpose), or to any authorized agent of the insurer, with information sufficient to identify the insured, shall be deemed notice to the insurer. In a policy providing a loss-of-time benefit which may be payable for at least two years, an insurer may at its option insert the following between the first and second sentences of the above provision: Subject to the qualifications set forth below, if the insured suffers loss of time on account of disability for which indemnity may be payable for at least two years, he shall, at least once in every six months after having given notice of the claim, give to the insurer notice of continuance of the disability, except in the event of legal incapacity. The period of six in the time fixed in the policy for filing proofs of loss, written proof covering the occurrence, the character and the extent of the loss for which claim is made. ffistory.- 554, ch Note.-8imllar provisions found In former , Proofs of loss.-there shall be a provision as follows: Proofs of Loss: Written proof of loss must be furnished to the insurer at its said office in case of claim for loss for which this policy provides any periodic payment contingent upon continuing loss within ninety days after the termination of the period for which the insurer is liable and in case of claim for any other loss within ninety days after the date of such loss. Failure to furnish such proof within the time required shall not invalidate nor reduce any claim if it was not reasonably possible to give proof within such time, provided such proof is furnished as soon as reasonably possible and in no event, except in the absence of legal capacity, later than one year from the time proof is otherwise required. History.- 555, ch Note.-8\mllar provisions found in former Time of payment of claims.-there shall be a provision as follows: Time of P ayment of Claims: Indemnities payable under this policy for any loss other than loss for which this policy provides any periodic payment will be paid immediately upon receipt of due written proof of such loss. Subject to due written proof of loss, all accrued indemnities for loss for which this policy provides periodic payment will be paid... (insert period for payment which must not be less frequently than monthly) and any balance remaining unpaid upon the termination of liability will be paid immediately upon receipt of due written proof. History.- 556, ch Note.-S!milar provisions found In former months following any filing of proof by the in Payment of claims.-there shall bp. sured or any payment by the insurer on account a provision as follows: of such claim or any denial of liability in whole Payment of Claims: Indemnity for loss of or in part by the insurer shall be excluded in life will be payable in accordance with the beneapplying this provision. Delay in the giving ficiary designation and the provisions respectof such notice shall not impair the insured's ing such payment which may be prescribed right to any indemnity which would otherwise herein and effective at the time of payment. have accrued during the period of six months If no such designation or provision is then efpreceding the date on which such notice is fective, such indemnity shall be payable to the actually given. estate of the insured. Any other accrued in- History ch demnities unpaid at the insured's death may, Note.-81mllar provisions found In former at the option of the insurer, be paid either to Claim forms.-there shall be a provision as follows: such beneficiary or to such estate. All other indemnities will be payable to the insured. Claim Forms: The insurer, upon receipt of a notice of claim, will furnish to the claimant The following provisions, or either of them, may be included with the foregoing provision such forms as are usually furnished by it for at the option of the insurer: filing proofs of loss; If such forms are not If any indemnity of this policy shall be payfurnished within fifteen days after the giving able to the estate of the insured, or to an inof such notice the claimant shall be deemed sured or beneficiary who is a minor or otherto have complied with the requirements of this wise not competent to give a valid release, the policy as to proof of loss upon submitting, with- insurer may pay such indemnity, up to an 2853 Ch. 627 INSURANCE CODE; RATES AND CONTRACTS amount not exceeding $ (insert an amount which shall not exceed $1,000), to any relative by blood or connection by marriage of the insured or beneficiary who is deemed by the insurer to be equitably entitled thereto. Any payment made by the insurer in good faith pursuant to this provision shall fully discharge the insurer to the extent of such payment. Subject to any written direction of the insured in the application or otherwise all or a portion of any indemnities provided by this policy on account of hospital, nursing, medical or surgical services may, at the insurer's option and unless the insured requests otherwise in writing not later than the time of filing proof of such loss, be paid directly to the hospital or person rendering such services; but it is not required that the service be rendered by a particular hospital or person. History.- 557, ch Note.---8lmllar provisions found In former Physical examination, autopsy. There shall be a provision as follows: Physical Examinations and Autopsy: The insurer at its own expense shall have the right and opportunity to examine the person of the insured when and as often as it may reasonably require during the pendency of a claim hereunder and to make an autopsy in case of death where it is not forbidden by law. Hlstory.- 558, ch Note.---s!mlla r provisions found In former Legal actions.-there shall be a provision a s follows: Legal Actions: No action at law or in equity shall be brought to recover on this policy prior to the expiration of sixty days after written proof of loss has been furnished in accordance with the requirements of this policy. No such action shall be brought after the expiration of three years after the written proof of loss is required to be furnished. History.- 559, ch Note.---81mllar provisions found In former Change of beneficiary.- There shall be a provision as follows: Change of Beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change a beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to any change of beneficiary or beneficiaries, or to any other changes in this policy. (The first clause of this provision, relating to the irrevocable designation of beneficiary, may be omitted at the insurer's option.) History.- 560, ch Note.---slmllar provisions found In former Optional policy provisions. - Except as provided in (2), no such policy delivered or issued for delivery to any person in this state shall contain provision respecting the matters set forth in , inclusive, unless such provisions are in the words in which the same appear in the applicable section, except that the insurer may, at its option, use in lieu of any such provision a corresponding provision of different wording approved by the commissioner which is not less favorable in any respect to the insured or the beneficiary. Any such provision contained in the p~ shall be preceded individually by the appropriate caption or, at the option of the insurer, by such appropriate individual or group captions or subcaptions as the commissioner may approve. History.- 561, ch Note.---81mllar provisions found In former Change of occupation.-there may be a provision as follows: Change of Occupation: If the insured be injured
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