Policies and Policyholders (life, accident and health, and group provisions)

What this document is

Tenn. Code Ann. tit. 56, ch. 7 - Policies and Policyholders (life, accident and health, and group provisions) is a state statute published by Public.Resource.Org bulk release of the Tennessee Code Annotated, via the Internet Archive. It is one of the Tennessee documents that insurance license exam questions are written from, including tennessee life & health, tennessee 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.

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2303 (Forfeiture and lapse restrictions: policies not covered)

  “This section does not apply to group or group-type policies, to industrial life or accident and health policies, to any policies upon which premiums are payable monthly or at more frequent intervals, or to policies for which premiums are billed to and payable through an employer.”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(2) (Provisions and conditions required in life insurance policies: Grace for Payment of Premiums)

  “A provision for a grace of one (1) month for the payment of every premium after the first year, which may be subject to an interest charge, during which month the insurance shall continue in force, which provision may contain a stipulation that if the insured dies during the month of grace, the...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(3) (Provisions and conditions required in life insurance policies: Policy is Entire Contract; Incontestability; Exceptions)

  “A provision that the policy shall constitute the entire contract between the parties, and shall be incontestable after it has been in force during the lifetime of the insured for a specified period, not more than two (2) years from its date, except for nonpayment of premiums and except for...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(5) (Provisions and conditions required in life insurance policies, Amount Payable Where Age Understated)

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

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(10) (Provisions required in life insurance policies: Value applied for other insurance; reinstatement after default)

  “A provision that if, in event of default in premium payments, the value of the policy shall be applied to the purchase of other insurance; and if the insurance shall be in force and the original policy shall not have been surrendered to the company and cancelled, the policy may be reinstated within...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(5) (Provisions required in life insurance policies: Amount payable where age understated)

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

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-204 (Assignment of life insurance policy as security for loan)

  “Whenever the insured in a life insurance policy owned by the insured has reserved to the insured the right to change the beneficiary under the policy, the insured has the right to and may assign the policy, to the extent and in the manner permitted by the terms of the policy, as security for a...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(6) (Participation in surplus)

  “The insured under any annual dividend policy shall have the right each year to have the dividend arising from the participation either paid in cash or applied in reduction of premiums, or applied to the purchase of paid-up additional insurance, or left to accumulate to the credit of the policy with...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2305(a)(3)(J) (Group life: required provisions; death during conversion period)

  “A provision that if a person insured under the group policy dies during the period within which the person would have been entitled to have an individual policy issued in accordance with subdivision (a)(3)(H) or (I) and before the individual policy has become effective, the amount of life insurance...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2307(7) (Loans on policies; exception)

  “It shall be further stipulated in the policy that failure to repay any advance or to pay interest shall not void the policy unless the total indebtedness on the policy to the company equals or exceeds the loan value at the time of the failure, nor until one (1) month after notice has been mailed by...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-133 (Group Accident and Health: Employer Notification When a Covered Person Ceases to Be Covered)

  “A policy of group accident and health insurance as defined in §56-26-201 that is issued to an employer shall contain a provision requiring the employer to notify the insurer when any person covered under the group policy ceases to be eligible for coverage. The employer shall notify the health...”

• Tenn. Code Ann. tit. 56, ch. 7 § 56-7-2305(c) (Group Life: Notice of the right to an individual policy)

  “If any individual insured under a group life insurance policy delivered in this state becomes entitled under the terms of the policy to have an individual policy of life insurance issued to the person without evidence of insurability, subject to making of application and payment of the first...”

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• Tenn. Code Ann. s. 56-8-104: Unfair trade practices definedState statute
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• Tenn. Code Ann. tit. 56, ch. 12 - Insurance Guaranty Association Act (Part 1) and Tennessee Life and Health Insurance Guaranty Association Act (Part 2, 56-12-201 et seq.)State statute
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• Tennessee Insurance Content OutlinesCandidate handbook or exam outline
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• 2025 Tenn. Pub. Ch. 150 (HB 1045): Tenn. Code Ann. Section 56-7-203, life insurance and annuity proceeds exempt from creditors' claimsState statute
• Tenn. Code Ann. tit. 56, ch. 1 - Commissioner of Commerce and Insurance / Department of Commerce and Insurance: general provisions and insurance companies (56-1-101 to 56-1-919, 86 sections)State statute