Life Insurance and Annuity Contracts

What this document is

Delaware Code Title 18, Ch. 29 - Life Insurance and Annuity Contracts is a state statute published by State of Delaware (delcode.delaware.gov). It is one of the Delaware documents that insurance license exam questions are written from, including delaware 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.

• 18 Del. C. § 2911 (Policy loan)

  “The loan value of the policy shall be at least equal to the cash surrender value at the end of the then current policy year, and the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such cash surrender...”

• 18 Del. C. § 2908 (Incontestability)

  “There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than 2 years after its date of issue, except for:”

• 18 Del. C. § 2909 (Misstatement of age)

  “There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.”

• 18 Del. C. § 2913 (Reinstatement)

  “(1) The policy has been surrendered for its cash surrender value; (2) Its cash surrender value has been exhausted; or (3) The paid-up term insurance, if any, has expired;”

• Del. Code tit. 18, § 2907 (Entire contract)

  “There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties and that all statements contained in...”

• Del. Code tit. 18, § 2906 (Grace period)

  “There shall be a provision that a grace period of 30 days or, at the option of the insurer, of 1 month of not less than 30 days, or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly shall be allowed within which the payment...”

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More Delaware sources

• Del. Code tit. 18, ch. 29: Life insurance contracts - standard policy provisionsState statute
• Delaware Code Title 18, Ch. 017 - Licensing of Professional Insurance PersonnelState statute
• Delaware Code Title 18, Ch. 023 - Unfair Practices in the Insurance BusinessState statute
• Delaware Code Title 18, Ch. 031 - Life Insurance ContractsState statute
• Delaware Code Title 18, Ch. 035 - Group and Blanket Health InsuranceState statute
• Delaware Code Title 18 Chapter 17 - Licensing of Professional Insurance Personnel (Secs. 1701-1724)State statute
• Delaware Code Title 18 Chapter 17A - Licensing of Public Adjusters (Secs. 1750-1761)State statute
• Delaware Code Title 18 Chapter 23 - Unfair Practices in the Insurance Business (Secs. 2301-2318)State statute