D.C. Code Title 31, Chapter 47

What this document is

D.C. Code Title 31, Chapter 47 - Provisions Relating to All Life Insurance Companies (§§ 31-4701 to 31-4730) is a state statute published by Council of the District of Columbia (code.dccouncil.gov). It is one of the District of Columbia documents that insurance license exam questions are written from, including district of columbia life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• D.C. Code § 31-4703(a)(1) (Life policies, required provisions: payment of premiums)

  “A provision that all premiums after the 1st year shall be payable in advance, either at the home office of the company or to an agent of the company, upon delivery of a receipt signed by 1 or more of the officers who shall be designated in the policy.”

• D.C. Code § 31-4703(a)(10) (Life policies, required provisions: reinstatement)

  “A provision that if in event of default in premium payments the value of the policy shall have been applied to the purchase of other insurance as provided for in this section, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and...”

• D.C. Code § 31-4703(a)(2)(A) (Life policies, required provisions: grace period)

  “A provision that the insured is entitled to a grace period of at least 30 days or of 1 month within which the payment of any premiums after the 1st year may be made, subject at the option of the company to an interest charge not in excess of 6 per centum per year for the number of days of grace...”

• D.C. Code § 31-4703(a)(3)(A)(i) (Life policies, required provisions: incontestability)

  “Except as provided in subparagraphs (B) and (C) of this paragraph, a provision that the policy shall constitute the entire contract between the parties and shall be incontestable after it has been in force during the lifetime of the insured for at least 2 years from its date, except for nonpayment...”

• D.C. Code § 31-4703(a)(3)(A)(iii) (Life policies, required provisions: statements of the insured)

  “No statements by the insured shall be used in defense of a claim under the policy unless the statements are in a written application and a copy of the statements are endorsed upon or attached to the policy when issued.”

• D.C. Code § 31-4703(a)(4) (Life policies, required provisions: misstatement of age)

  “A provision that if the company discovers before the final settlement that the age of the insured (or the age of the beneficiary, if considered in determining the premium) has been wrongly stated, the amount payable under the policy shall be the amount the premium would have purchased had the...”

• D.C. Code § 31-4703(a)(9) (Life policies, required provisions: table of loan values and options)

  “A table showing in figures the loan values and the options available under the policy each year upon default in premium payments, during at least the first 20 years of the policy or during the premium paying period if less than 20 years.”

• D.C. Code § 31-4704(1) (Life policies, prohibited provisions: limitation of actions)

  “A provision limiting the time within which any action at law or in equity may be commenced to less than 3 years after the cause of action shall accrue;”

• D.C. Code § 31-4704(4) (Life policies, prohibited provisions: forfeiture for a policy loan)

  “A provision for forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on such loan, while the total indebtedness on the policy, including interest, is less than the loan value thereof;”

• D.C. Code § 31-4705.02(a)(1)(A)(i) (Standard nonforfeiture law: paid-up nonforfeiture benefit)

  “If the insured defaults on a premium payment after premiums have been paid 1 full year for ordinary insurance or 3 full years for industrial insurance, the company shall grant, upon proper request no later than 60 days after the premium became due, a paid-up nonforfeiture benefit on a plan...”

• D.C. Code § 31-4711(1) (Group policies, required provisions: grace period)

  “A provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in...”

• D.C. Code § 31-4711(6) (Group policies, required provisions: payment to the beneficiary)

  “A provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary as to all or any part of such sum living at the death of...”

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Questions about this source

More District of Columbia sources

• D.C. Code Title 31, Chapter 16 - Prohibition of Discrimination in the Provision of Insurance on Basis of AIDS Test (§§ 31-1601 to 31-1610)State statute
• D.C. Code Title 31, Chapter 2 - Duties of Commissioner; Requirements of Industry (§§ 31-201 to 31-208)State statute
• D.C. Code Title 31, Chapter 51 - Credit Life, Accident, and Health Insurance (§§ 31-5101 to 31-5112)State statute
• D.C. Code Title 31, Chapter 54 - Life and Health Insurance Guaranty Association (§§ 31-5401 to 31-5416)State statute
• D.C. Code Title 31, Chapter 32 - Health Insurance Forms (§§ 31-3201 to 31-3255)State statute
• D.C. Code Title 31, Chapter 34 - Health Maintenance Organizations (§§ 31-3401 to 31-3431)State statute
• D.C. Code Title 31, Chapter 48 - Industrial Life Insurance (§§ 31-4801 to 31-4805)State statute
• D.C. Code Title 31, Chapter 36 - Long-Term Care Insurance (§§ 31-3601 to 31-3612)State statute