Life Insurance and Annuity Contracts (standard policy provisions, nonforfeiture, valuation, viatical/settlement articles)

What this document is

Wyo. Stat. Ann. tit. 26, ch. 16 - Life Insurance and Annuity Contracts (standard policy provisions, nonforfeiture, valuation, viatical/settlement articles) is a state statute published by Wyoming Legislative Service Office (wyoleg.gov). It is one of the Wyoming documents that insurance license exam questions are written from, including wyoming 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.

• Wyo. Stat. Ann. tit. 26, ch. 16 § 26-16-103 (Grace period)

  “The policy shall continue in full force during the grace period, which shall be counted from the premium due date specified in the policy. The insurer may impose an interest charge not to exceed six percent (6%) per annum for the number of days of grace elapsing before the payment of the premium,...”

• Wyo. Stat. Ann. tit. 26, ch. 16 § 26-16-115 (Excluded or restricted coverage under incontestability clause)

  “A clause in any life insurance policy providing that the policy is incontestable after a specified period precludes only a contest of the policy's validity and does not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or...”

• Wyo. Stat. Ann. tit. 26, ch. 16 § 26-16-106 (Misstatement of age)

  “If the age of the insured or of any other person whose age is considered in determining the premium or benefit is misstated, any amount payable or benefit accruing under the policy shall be in an amount as the premium would purchase at the correct age.”

• Wyo. Stat. Ann. tit. 26, ch. 16 § 26-16-108(c) (Policy loans)

  “(c) The policy may also provide that: (i) If interest on any indebtedness is not paid when due, it shall be added to the existing indebtedness and shall bear interest at the same rate; and (ii) If the total indebtedness on the policy, including interest due or accrued, equals or exceeds the amount...”

• Wyo. Stat. Ann. tit. 26, ch. 16 § 26-16-110 (Reinstatement of policies)

  “(a) Unless the policy has been surrendered for its cash surrender value, or its cash surrender value has been exhausted, or the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years, or two (2) years in the case of industrial life insurance...”

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More Wyoming sources

• Wyo. Stat. Ann. ch. 26-13 art. 1 (ss. 26-13-102 to 26-13-125): Unfair Trade Practices ActState statute
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• Wyo. Stat. Ann. ss. 26-16-102 to 26-16-120: Standard provisions required in life insurance policiesState statute
• Wyo. Stat. Ann. ch. 26-18 (ss. 26-18-104 to 26-18-307): Disability (accident and health) policy provisionsState statute
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• Wyo. Stat. Ann. tit. 26, ch. 17 - Group Life Insurance (Group Life Insurance Law)State statute
• Wyo. Stat. Ann. tit. 26, ch. 42 - Wyoming Life and Health Insurance Guaranty Association ActState statute
• Wyo. Stat. Ann. tit. 26, ch. 15 - The Insurance Contract (Articles 1-2)State statute