Oregon Statutes - Chapter 743 - Health and Life Insurance - Section 743.336 - Termination of policy or class of insured persons.

A group life insurance policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates and who has been so insured for at least five years prior to such termination date shall be entitled to have issued by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by ORS 743.333, except that the group policy may provide that the amount of such individual policy shall not exceed the smaller of:

(1) The amount of the personís life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which the person is or becomes eligible under any group policy issued or reinstated by the same or another insurer within 31 days after such termination; and

(2) $10,000. [1967 c.359 §423; 1989 c.784 §16]

Section:  Previous  743.315  743.318  743.321  743.324  743.327  743.330  743.333  743.336  743.339  743.342  743.345  743.348  743.350  743.351  743.353  Next

Last modified: August 7, 2008