Excluding an annuity policy, a group policy shall contain a provision that if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which the individual would have been entitled to have an individual policy issued to him or her in accordance with ยงยง 23-83-117 and 23-83-118 and before the individual policy shall have become effective, the amount of life insurance which he or she would have been entitled to have issued to him or her under the individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made.
Section: Previous 23-83-112 23-83-113 23-83-114 23-83-115 23-83-116 23-83-117 23-83-118 23-83-119 23-83-120 23-83-121 23-83-122 23-83-123 23-83-124 23-83-125 23-83-126 NextLast modified: November 15, 2016