40-410. Cancellation of policy for nonpayment of premiums; notice, when; policyowner defined.
40-410
40-410. Cancellation of policy for nonpayment of premiums; notice,when; policyowner defined.It shall be unlawful for any life insurance company, other thanfraternal, doing business in this state within six (6) months after defaultin payment of any premium or installment of premium, to forfeit or cancelany life insurance policy on account of nonpayment of any such premium orinstallment of premium thereon, without first giving notice in writing tothe policyowner of such policy of its intention to forfeit or cancel thesame: Provided, however, That this section shall not apply to anypolicy under the terms of which the premium is to be paid weekly, biweeklyor monthly and under which a grace period of at least four (4) weeks isgranted for the payment of every premium after the first, during which timethe insurance shall continue in force, and shall not apply to general orblanket contracts insuring groups of lives. Policyowner as used hereinshall be the owner of the policy as shown by the records of the lifeinsurance company. When the policyowner is other than the insured, thecompany, upon specific written request by the insured to the company at itshome office at any time before a premium is due, shall thereafter furnishthe insured a duplicate of any notice required to be sent to thepolicyowner hereunder.
History: L. 1927, ch. 231, 40-410; L. 1959, ch. 214, § 1; June 30.