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 (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum payable annually. In cases when applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Section: Previous 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 23-81-131 23-81-132 23-81-133 23-81-134 NextLast modified: November 15, 2016