(a) A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
(b) When a life insurance policy or annuity contract is reinstated, the reinstated policy or contract may exclude or restrict liability to the same extent that the liability might have been or was excluded or restricted when the policy or contract was originally issued, and the exclusion or restriction shall be effective from the date of reinstatement.
Section: Previous 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 21.45.305 21.45.310 21.45.320 NextLast modified: November 15, 2016