No life insurance policy shall contain any of the following provisions:
(1) A provision limiting the time within which any action at law or suit in equity may be commenced to less than three years after the cause of action or suit accrues.
(2) A provision by which the policy purports to be issued or to take effect more than six months before the original application for the insurance was made.
(3) A provision for forfeiture of the policy for failure to repay any loan on the policy or any interest on such loan while the total indebtedness on the policy is less than the loan value thereof. [Formerly 739.315]
Section: Previous 743.213 743.215 743.216 743.218 743.219 743.221 743.222 743.225 743.228 743.230 743.231 743.234 743.237 743.240 743.243 NextLast modified: August 7, 2008