(a) There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form of life insurance with less frequent premium payments regularly issued by the insurer, in accordance with terms and conditions agreed upon with the insurer.
(b) The privilege of making the conversion need be granted only if the insurer's industrial policies on the life insured, in force as premium paying insurance and on which conversion is requested, grant benefits in event of death, exclusive of additional accidental death benefits and exclusive of any dividend additions, in an amount not less than the minimum amount of the insurance with less frequent premium payments issued by the insurer at the age of the insured on the plan of industrial or ordinary insurance desired.
Section: Previous 23-82-105 23-82-106 23-82-107 23-82-108 23-82-109 23-82-110 23-82-111 23-82-112 23-82-113 23-82-114 23-82-115 23-82-116 23-82-117 23-82-118 NextLast modified: November 15, 2016