If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, and subject to ยง 23-81-125, there shall be a provision that, except for fraud in the procurement, the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom the statements are required, for a period of two (2) years from its date of issue except for nonpayment of stipulated payments to the insurer. At the option of the insurer, the contract may also except any provisions relative to benefits in the event of disability and any provisions that grant insurance specifically against death by accident or accidental means. Furthermore, at its option, the insurer may omit from the provision the phrase "except for fraud in the procurement".
Section: Previous 23-81-115 23-81-116 23-81-117 23-81-118 23-81-120 23-81-121 23-81-122 23-81-123 23-81-124 23-81-125 23-81-126 23-81-127 23-81-128 23-81-129 23-81-130 NextLast modified: November 15, 2016