Life Insurance and Annuity Contracts

What this document is

Delaware Code Title 18 Chapter 29 - Life Insurance and Annuity Contracts (Secs. 2901-2940) is a state statute published by Delaware Code Online (delcode.delaware.gov), Delaware General Assembly. 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. Chapter 29 § 2919 (Grace Period; Annuities)

  “In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of 1 month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made,...”

• 18 Del. C. Chapter 29 § 2920 (Incontestability; Annuities)

  “If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to § 2922 of this title, there shall be a provision that the contract shall be...”

• 18 Del. C. Chapter 29 § 2910(a)(2) (Dividends, automatic option)

  “If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option.”

• 18 Del. C. Chapter 29 § 2929(a) (Standard Nonforfeiture Law, Generally)

  “The insurer shall reserve the right to defer the payment of any cash surrender value for a period of 6 months after demand therefor with surrender of the policy.”

• 18 Del. C. Chapter 29 § 2901 (Scope of chapter)

  “This chapter, except as to § 2932 of this title, applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.”

• 18 Del. C. Chapter 29 § 2911(a) (Policy loan, deferral)

  “The policy shall reserve to the insurer the right to defer the granting of a loan, other than for the payment of any premium to the insurer, for 6 months after application therefor.”

• 18 Del. C. Chapter 29 § 2912 (Table of installments)

  “In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.”

• 18 Del. C. Chapter 29 § 2917 (Excluded or Restricted Coverage)

  “A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict...”

• 18 Del. C. Chapter 29 § 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: (1) Nonpayment of premiums; and (2) At the insurer’s option, provisions relating to benefits in...”

• 18 Del. C. Chapter 29 § 2903 ("Industrial life insurance" defined)

  “For the purposes of this title “industrial life insurance” is that form of life insurance written under policies of face amount of $1,000 or less bearing the words “industrial policy” imprinted on the face thereof as part of the descriptive matter and under which premiums are payable monthly or more often.”

• 18 Del. C. Chapter 29 § 2915 (Beneficiary, Industrial Policies)

  “The policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than 30 days after the death of the insured, or if the...”

• 18 Del. C. Chapter 29 § 2926(b) (Limitation of Liability)

  “(b) A policy which contains any exclusion or restriction pursuant to paragraph (a)(2) of this section shall also provide that in the event of death under the circumstances to which any such exclusion or restriction is applicable, the insurer will pay an amount not less than a reserve determined...”

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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. 29 - Life Insurance and Annuity ContractsState 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