Maine Revised Statutes Title 24-A Chapter 27: The Insurance Contract

What this document is

Maine Revised Statutes Title 24-A Chapter 27 - The Insurance Contract is a state statute published by Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov). It is one of the Maine documents that insurance license exam questions are written from, including maine life & health, maine property & casualty 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.

• 24-A M.R.S. Chapter 27 § 2409 (Alteration of application, life and health insurance)

  “An alteration of any written application for any life or health insurance policy or annuity contract may not be made by any person other than the applicant without the applicant's written consent, except that insertions may be made by the insurer, for administrative purposes only, in such manner as...”

• 24-A M.R.S. Chapter 27 § 2401 (Scope of chapter)

  “This chapter applies as to all insurance contracts and annuity contracts, other than:”

• 24-A M.R.S. Chapter 27 § 2408 (Consent of insured for health and life insurance)

  “No life or health insurance contract upon an individual, including contracts which may arise under section 2404, subsection 3, paragraph D, may be made or effectuated, unless at the time of the making of the contract the individual insured, being of competent legal capacity to contract, applies for...”

• 24-A M.R.S. Chapter 27 § 2416(3) (Execution of Policies)

  “No insurance contract heretofore or hereafter issued and which is otherwise valid shall be rendered invalid by reason of the apparent execution thereof on behalf of the insurer by the imprinted facsimile signature of an individual not authorized so to execute as of the date of the policy.”

• 24-A M.R.S. Chapter 27 § 2404 (Insurable interest -- personal insurance)

  “But a person may not procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under such contract are payable to the individual insured or the individual insured's personal representatives, or to a person having, at the time when such...”

• 24-A M.R.S. Chapter 27 § 2407 (Power to contract -- purchase of insurance and annuities by minors)

  “Any annuity contract or policy of life or health insurance procured by or for a minor under subsection 2 must be made payable either to the minor or the minor's estate or to a person having an insurable interest in the life of the minor.”

• 24-A M.R.S. Chapter 27 § 2411 (Representations in applications)

  “Misrepresentations, omissions, concealment of facts and incorrect statements may not prevent a recovery under the policy or contract unless either: 1. Fraudulent; or 2. Material either to the acceptance of the risk, or to the hazard assumed by the insurer, such that the insurer in good faith would...”

• 24-A M.R.S. Chapter 27 § 2425 (Payment Discharges Insurer)

  “Whenever the proceeds of or payments under an insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance...”

• 24-A M.R.S. Chapter 27 § 2402 ("Policy" defined)

  “"Policy" means the written contract of or written agreement for or effecting insurance, by whatever name called, and includes all clauses, riders, endorsements and papers which are a part thereof.”

• 24-A M.R.S. Chapter 27 § 2403 ("Premium" defined)

  “"Premium" is the consideration for insurance, by whatever name called. Any "assessment", or any "membership", "policy", "survey", "inspection", "service" or similar fee or other charge in consideration for an insurance contract is deemed part of the premium.”

• 24-A M.R.S. Chapter 27 § 2406 (Insurable interest, property)

  “No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss.”

• 24-A M.R.S. Chapter 27 § 2414(2) (Standard Provisions, in General)

  “A policy may not contain any provision inconsistent with or contradictory to any standard or uniform provision used or required to be used, but the superintendent may approve any substitute provision which is, in the superintendent's opinion, not less favorable in any particular to the insured or...”

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More Maine sources

• Me. Rev. Stat. tit. 24-A, s. 2152: Unfair methods; deceptive acts prohibitedState statute
• Me. Rev. Stat. tit. 24-A, s. 1420-A: Insurance producer licensing definitionsState statute
• Me. Rev. Stat. tit. 24-A, s. 2153: Misrepresentation; false advertising of policiesState statute
• 24-A M.R.S. Chapter 33 - Health Insurance Contracts (Secs. 2701 onward, selected)State statute
• Maine Revised Statutes Title 24-A Chapter 1 - General Definitions and ProvisionsState statute
• Maine Revised Statutes Title 24-A Chapter 17 - Agents, Brokers, Consultants and AdjustersState statute
• Maine Revised Statutes Title 24-A Chapter 21 - Unauthorized Insurers: Prohibitions, Process and AdvertisingState statute
• Maine Revised Statutes Title 24-A Chapter 23 - Trade Practices and FraudsState statute