Insurance Contracts in Specific Lines

What this document is

Wis. Stat. Chapter 632 - Insurance Contracts in Specific Lines (selected life and disability sections) is a state statute published by Wisconsin Legislature (docs.legis.wisconsin.gov). It is one of the Wisconsin documents that insurance license exam questions are written from, including wisconsin 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.

• Wis. Stat. § 632.74 (1) (Conditions of reinstatement)

  “If an insurer, after termination of an individual or franchise disability insurance policy for nonpayment of premium, within one year after the termination accepts without reservation a premium payment, the policy is reinstated as of the date of the acceptance. There is no acceptance without...”

• Wis. Stat. § 632.47 (2) (Relative Rights of Assignee and Beneficiary)

  “The rights of a beneficiary under a life insurance policy or annuity contract are subordinate to those of an assignee, unless the beneficiary was effectively designated as an irrevocable beneficiary prior to the assignment.”

• Wis. Stat. § 632.44(3) (Credit Life Insurance Requirements)

  “Individual credit life insurance policies shall be for nonrenewable, nonconvertible, term insurance. This restriction does not apply when evidence of insurability is required nor when the credit transaction is for more than 5 years.(b) When the insured debtor has paid or has made an obligation to...”

• Wis. Stat. § 632.46(4) (Disability coverages and additional accident benefits)

  “Despite subs. (1) and (2), disability coverages and additional accident benefits may be contested at any time on the ground of fraudulent misrepresentation.”

• Wis. Stat. § 632.75 (2) (Dividends Conditioned on Continuation of Policy or Payment of Premiums)

  “Except on the first or second anniversary, no dividend payable on a disability insurance policy may be made contingent on the continuation of the policy or on premium payments.”

• Wis. Stat. § 632.50 (Estoppel from Medical Examination)

  “If under the rules of any insurer issuing life insurance, its medical examiner has authority to issue a certificate of health, or to declare the proposed insured acceptable for insurance, and so reports to the insurer or its agent, the insurer is estopped to set up in defense of an action on the...”

• Wis. Stat. § 632.44(2) (Grace Period, Non-Group Life Policies)

  “Every life insurance policy other than a group policy shall contain a provision entitling the policyholder to a grace period of not less than 31 days for the payment of any premium due except the first, during which the death benefit shall continue in force.”

• Wis. Stat. § 632.46(2) (Incontestability of group policies)

  “no coverage of any insured thereunder may be contested on the basis of a statement made by the insured relative to his or her insurability after the coverage has been in force on the insured for 2 years during the lifetime of the insured. No such statement may be used to contest coverage unless...”

• Wis. Stat. § 632.56 (5) (Required Group Life Insurance Provisions: Grace Period)

  “(5) Grace period. A provision that the policyholder is entitled to a grace period of not less than 31 days for the payment of any premium due except the first. During the grace period the death benefit coverage shall continue in force, unless the policyholder gives the insurer advance written...”

• Wis. Stat. § 632.56 (2) (Required Group Life Insurance Provisions: Misstatement of Age)

  “Every group life insurance policy shall contain the following:(1) Evidence of insurability. A provision setting forth any conditions under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a...”

• Wis. Stat. § 632.76 (1) (Incontestability for Disability Insurance, Avoidance for Misrepresentations)

  “No statement made by an applicant in the application for individual disability insurance coverage and no statement made respecting the person’s insurability by a person insured under a group policy, except fraudulent misrepresentation, is a basis for avoidance of the policy or denial of a claim for...”

• Wis. Stat. § 632.48 (2) (Protection of Insurer)

  “The insurer discharges its obligation under the insurance policy or certificate of insurance if it pays a properly designated beneficiary unless it has actual notice of either an assignment or a change in beneficiary designation made under sub. (1) (b). It has actual notice if the prescribed...”

Practice this material

Questions about this source

More Wisconsin sources

• Wis. Stat. s. 628.34: Unfair marketing practicesState statute
• Wis. Stat. ch. 600, Insurance, Scope and Administration (selected sections)State statute
• Wis. Stat. ch. 628, Insurance Marketing (full chapter, 39 sections, 628.01-628.98)State statute
• Wis. Stat. ch. 631, Insurance Contracts Generally (full chapter)State statute
• Wis. Stat. ch. 632, Insurance Contracts in Specific Lines (full chapter)State statute
• Wisconsin Accident and Health or Sickness: General and State Examination Content Outline (Series 22-03)Candidate handbook or exam outline
• Wisconsin Casualty: General and State Examination Content Outline (Series 22-07)Candidate handbook or exam outline
• Wisconsin Insurance Licensing Candidate Information BulletinCandidate handbook or exam outline