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 had been paid, if all overdue stipulated payments and any indebtedness to the insurer on the contract are paid or reinstated with interest at a rate to be specified in the contract, not exceeding six percent a year payable annually. Where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Section: Previous 21.45.160 21.45.170 21.45.180 21.45.190 21.45.200 21.45.210 21.45.220 21.45.230 21.45.240 21.45.250 21.45.260 21.45.270 21.45.280 21.45.290 21.45.300 NextLast modified: November 15, 2016