Life Insurance Policies and Reserves; Standard Nonforfeiture Law for Life Insurance; Standard Nonforfeiture Law for Individual Deferred Annuities; Beneficiaries' Bill of Rights; Mandatory Disclosure of Alternatives to Lapse or Surrender

What this document is

R.I. Gen. Laws Title 27, Chapters 4, 4.3, 4.4, 4.9 and 4.10: Life Insurance Policies and Reserves; Standard Nonforfeiture Law for Life Insurance; Standard Nonforfeiture Law for Individual Deferred Annuities; Beneficiaries' Bill of Rights; Mandatory Disclosure of Alternatives to Lapse or Surrender is a state statute published by webserver.rilegislature.gov. It is one of the Rhode Island documents that insurance license exam questions are written from, including rhode island 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.

• R.I. Gen. Laws tit. 27 § 27-4-11 (Rights of beneficiaries to proceeds of policy as against creditors)

  “The company issuing the policy shall be discharged of all liability on the policy by payment of its proceeds in accordance with its terms, unless before that payment the company shall have written notice, by or in behalf of a creditor, of a claim to recover for a transfer made or premiums paid with...”

• R.I. Gen. Laws tit. 27 § 27-4-6.2(a)(1) (Individual life insurance policy standard provisions: grace period)

  “(1) Grace period. A provision that, after payment of the first premium, the policyholder is entitled to a grace period of thirty-one (31) days or of one month following any subsequent premium due date within which to make payment of the premium then due, during which grace period the policy shall...”

• R.I. Gen. Laws tit. 27 § 27-4-6.2(a)(2) (Individual life insurance policy standard provisions: incontestability)

  “(2) Incontestability. A provision that the policy shall be incontestable after being in force during the lifetime of the insured for a period of two (2) years from its date of issue, and that, if the policy provides that the death benefit provided by the policy may be increased, or other policy...”

• R.I. Gen. Laws tit. 27 § 27-4-10 (Effect of misstatements in application for policy)

  “No misstatement made in procuring a policy of life insurance shall be deemed material or render the policy void unless this matter represented shall have actually contributed to the contingency or event on which the policy is to become due and payable. Whether this matter represented contributed to...”

• R.I. Gen. Laws tit. 27 § 27-4.3-9(a) (Standard Nonforfeiture Law for Life Insurance: exceptions)

  “(a) This chapter shall not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract;”

• R.I. Gen. Laws § 27-4-26 (Interest upon proceeds of life insurance policies)

  “An insurer of a life insurance contract or annuity contract shall pay to the beneficiary or policyholder, respectively, interest on the proceeds at the rate of nine percent (9%) per annum from the date of the death of an insured or annuitant in connection with a death claim on a life insurance...”

• R.I. Gen. Laws § 27-4-6.1 (Right to examine and return policy)

  “Every individual life insurance policy delivered or issued for delivery in this state after July 1, 1978, and every individual annuity contract delivered in this state after January 1, 1995, shall contain a provision, or in a separate rider attached when delivered, stating in substance that the...”

• R.I. Gen. Laws § 27-4.9-4 (Beneficiaries' Bill of Rights Act, general requirements)

  “(a) An insurer may not use a retained asset account as the mode of settlement unless the insurer discloses such option to the beneficiary or the beneficiary’s legal representative prior to the transfer of the death benefit to a retained asset account. (b) A beneficiary shall be informed of his or...”

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More Rhode Island sources

• General Laws of Rhode Island § 27-29-4 - Unfair methods of competition and unfair or deceptive acts or practices definedState statute
• R.I. Gen. Laws Title 27, Chapter 18: Accident and Sickness Insurance PoliciesState statute
• R.I. Gen. Laws Title 27, Chapters 2, 9.4, 13.1 and 16: Foreign Insurance Companies; Insurance Binders as Evidence of Coverage; Examinations; Unauthorized Insurance BusinessState statute
• R.I. Gen. Laws Title 27, Chapters 18.6 and 50: Large Group Health Insurance Coverage and the Small Employer Health Insurance Availability ActState statute
• R.I. Gen. Laws Title 27, Chapters 4.8 and 37: Group Life Insurance and Cancellation of Group InsuranceState statute
• R.I. Gen. Laws Title 27, Chapter 34.3: Rhode Island Life and Health Insurance Guaranty Association ActState statute
• R.I. Gen. Laws Title 27, Chapters 18.2 and 34.2: Medicare Supplement Insurance Policies and Long-Term Care InsuranceState statute
• R.I. Gen. Laws Title 27, Chapters 2.4, 3.2 and 10: Producer Licensing Act, Continuing Education Requirements, and Claim AdjustersState statute