20-1213. Reinstatement
There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three years from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears, and the payment or reinstatement of any other indebtedness to the insurer upon the policy, all with interest at a rate not exceeding six per cent per annum compounded annually.
Section: Previous 20-1206 20-1207 20-1208 20-1209 20-1209.01 20-1210 20-1212 20-1213 20-1214 20-1215 20-1216 20-1217 20-1218 20-1219 20-1220 NextLast modified: October 13, 2016