(a) No insurance company doing business in this state shall declare any life insurance policy or any noncancellable or guaranteed renewable accident and health insurance policy owned by a resident of this state forfeited or lapsed within six (6) months after default in payment of any premium, installment or interest, unless a written or printed notice stating the amount of the premium, installment or interest due on the policy, the place where it shall be paid and the name and address of the person or company to which it is payable, has been duly addressed and mailed with the required postage affixed, to the policy owner at the policy owner's last known post office address as shown by the records of the insurance company, on or before the day the premium, installment or interest is due and payable, before the beginning of the period of grace. The notice shall also state that unless the premium or other sums are paid to the company or its agent, the policy will lapse or be forfeited, except as to nonforfeiture options that may be provided for by any life insurance policy. “Policy owner,” as used in this section, means the owner of the policy, or other person designated as the person to receive premium notices, all as shown by the records of the insurance company.
(b) The affidavit of any responsible officer, clerk or agent of the insurance company authorized to mail the notice that it is the standard practice of the company to duly address and mail to policyowners the notice required by this section shall be prima facie evidence that the notice has been duly given.
(c) No action shall be maintained to recover under a lapsed or forfeited policy on the ground that the insurance company failed to comply with this section, unless instituted within two (2) years from the due date upon which default was made in paying the premium, installment or interest for which it is claimed that lapse or forfeiture ensued.
(d) This section does not apply to group or group-type policies, to industrial life or accident and health policies, to any policies upon which premiums are payable monthly or at more frequent intervals, or to policies for which premiums are billed to and payable through an employer.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.