Life insurance policy provisions

What this document is

Minn. Stat. ss. 61A.03 et seq.: Life insurance policy provisions is a state statute published by Minnesota Office of the Revisor of Statutes. It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota 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.

• Minn. Stat. § 61A.03, subd. 1(b) (Grace period)

  “A provision for a one month grace period for the payment of every premium after the first, during which the insurance will continue in force. The provision may subject the late payment to a finance charge and contain a stipulation that if the insured dies during the grace period, the overdue...”

• Minn. Stat. § 61A.03, subd. 1(c) (Entire contract; incontestability)

  “the policy constitutes the entire contract between the parties and is incontestable after it has been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums and except for violations of the conditions of the policy relating to naval and military...”

• Minn. Stat. § 61A.03, subd. 1(h) (Reinstatement)

  “the policy may be reinstated within three years after the default upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest;”

• Minn. Stat. § 61A.03, subd. 1(g) (Policy loans)

  “A provision (1) that after three full years' premiums have been paid, the company at any time while the policy is in force, will advance, on proper assignment of the policy, and on the sole security thereof, at a specified rate of interest, not to exceed eight percent per annum, or at an adjustable...”

• Minn. Stat. § 61A.03, subd. 1(b) (Grace Period)

  “A provision for a one month grace period for the payment of every premium after the first, during which the insurance will continue in force. The provision may subject the late payment to a finance charge and contain a stipulation that if the insured dies during the grace period, the overdue...”

• Minn. Stat. § 61A.03, subd. 1(c) (Entire Contract; Incontestability)

  “A provision that the policy constitutes the entire contract between the parties and is incontestable after it has been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums and except for violations of the conditions of the policy relating to...”

• Minn. Stat. § 61A.03, subd. 1(e) (Misstatement of Age)

  “A provision that if the age of the insured is understated the amount payable under the policy will be the amount the premium would have purchased at the correct age;”

• Minn. Stat. § 61A.03, subd. 1(d) (Representations and Warranties)

  “A provision that, in the absence of fraud, all statements made by the insured are representations and not warranties, and that no statement voids the policy unless it is contained in a written application and a copy of the application is endorsed upon or attached to the policy when issued;”

Practice this material

Questions about this source

More Minnesota sources

• Minn. Stat. s. 72A.20: Methods, acts, and practices which are unfair or deceptiveState statute
• Minn. Stat. s. 60K.43: Producer license denial, suspension, revocation, or refusalState statute
• Minn. Stat. s. 60K.31 et seq.: Insurance producer licensingState statute
• Minn. Stat. s. 62A.04: Accident and health policy required and optional provisionsState statute
• Minnesota Statutes Chapter 176 - Workers' Compensation (the Minnesota Workers' Compensation Act: coverage, benefits, procedure, rehabilitation, insurance)State statute
• Minnesota Statutes Chapter 45 - Department of Commerce (the commissioner's powers, enforcement, licensing administration and the 45.027 enforcement section)State statute
• Minnesota Statutes Chapter 60A - Insurance in General, first third (Secs. 60A.01 through 60A.11)State statute
• Minnesota Statutes Chapter 60A, second third (Secs. 60A.112 through 60A.53)State statute