40-412. When action to be maintained on insurance contract.
40-412
40-412. When action to be maintained on insurance contract.No action shall be maintained upon or in respect to any contract of lifeinsurance heretofore or hereafter made, upon which any premium shall remainunpaid after the expiration of the period specified in the policy for thepayment of such premium, for the enforcement of any right under suchcontract which is by the terms of the policy conditioned upon the paymentof such premium, or which is by the terms of the policy subject totermination or cancellation for failure to pay such premium, unless suchaction, or an action to reinstate such policy as a premium-paying policy,shall be commenced within six months after the expiration of the periodspecified in the policy for the payment of the premium so remaining unpaidin cases of failure to pay which may hereafter occur, or within six monthsfrom the date hereof in cases of failure to pay which have heretoforeoccurred.
History: L. 1927, ch. 231, 40-412; June 1.