There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) 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 percent (6%) per annum compounded annually.
Section: Previous 23-81-104 23-81-105 23-81-106 23-81-107 23-81-108 23-81-109 23-81-110 23-81-111 23-81-112 23-81-113 23-81-114 23-81-115 23-81-116 23-81-117 23-81-118 NextLast modified: November 15, 2016