Standard Provisions - Life Insurance

What this document is

N.D. Cent. Code Ch. 26.1-33 - Standard Provisions - Life Insurance is a state statute published by North Dakota Legislative Branch (ndlegis.gov). It is one of the North Dakota documents that insurance license exam questions are written from, including north dakota 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.

• N.D. Cent. Code § 26.1-33-02.1 (Life insurance policies and certificates - Right to return)

  “A person who purchases a life insurance policy or certificate issued or delivered in this state may return the policy or certificate within twenty days of delivery to the purchaser. If a policy or certificate is returned, the purchaser is entitled to a refund of the premium.”

• N.D. Cent. Code § 26.1-33-05(12) (Provisions required in life policy - restrictions of liability by travel, occupation, or suicide)

  “A statement whether any conditions or restrictions of liability by reason of travel, occupation, change of residence, or suicide are provided. These restrictions, except in the case of armed forces or military service in time of war, may only be effective during the first year after the issuance of...”

• N.D. Cent. Code § 26.1-33-05(2) (Grace period)

  “A provision that the policyholder is entitled to a thirty-one-day grace period for the payment of every premium after the first, which may be subject to an interest charge, during which grace period the insurance continues in force.”

• N.D. Cent. Code § 26.1-33-05(3) (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 policy relating to naval or military...”

• N.D. Cent. Code § 26.1-33-05(8) (Provisions required in life policy - reinstatement)

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

• N.D. Cent. Code § 26.1-33-05(7) (Provisions required in life policy - loan nonpayment does not void)

  “It must be stipulated further in the policy that failure to repay any advance or to pay interest thereon does not void the policy unless the total indebtedness thereon to the company equals or exceeds the loan value at the time of the failure nor until one month after notice has been mailed by the...”

• N.D. Cent. Code § 26.1-33-05(7) (Provisions required in life policy - policy loan deferral)

  “A provision that after the policy has been in force three years, 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, a sum equal to, or at the option of the owner of the policy, less...”

• N.D. Cent. Code § 26.1-33-05(9) (Required Life Policy Provisions - Settlement of Death Claim)

  “A provision that when a policy becomes a claim by the death of the insured, settlement must be made upon receipt of due proof of death, or not later than two months after receipt of the proof, and must include reasonable interest accrued from the date of death so long as a proof of death is filed...”

• N.D. Cent. Code § 26.1-33-05(2) (Provisions required in life policy - grace period)

  “A provision that the policyholder is entitled to a thirty-one-day grace period for the payment of every premium after the first, which may be subject to an interest charge, during which grace period the insurance continues in force. The provision may contain a stipulation that if the insured dies...”

• N.D. Cent. Code § 26.1-33-05(3) (Provisions required in life policy - entire contract and 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 policy relating to naval or military...”

• N.D. Cent. Code § 26.1-33-05(5) (Provisions required in life policy - misstatement of age)

  “A provision that if the age of the insured has been understated, the amount payable under the policy is such as the premium would have purchased at the correct age.”

• N.D. Cent. Code § 26.1-33-05(8) (Required Life Policy Provisions - Reinstatement After Default)

  “A provision that if, in event of default in premium payments, the value of the policy is applied to the purchase of other insurance, and if the insurance is in force and the original policy has not been surrendered to the company and canceled, the policy may be reinstated within three years from...”

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