§ 27-18-18 - Acceptance of premiums after effective period of policy.
SECTION 27-18-18
§ 27-18-18 Acceptance of premiums aftereffective period of policy. – If a policy contains a provision establishing, as an age limit or otherwise, adate after which the coverage provided by the policy will not be effective, andif the date falls within a period for which a premium is accepted by theinsurer or if the insurer accepts a premium after the date, the coverageprovided by the policy will continue in force subject to any right ofcancellation until the end of the period for which the premium has beenaccepted. In the event the age of the insured has been misstated and if,according to the correct age of the insured, the coverage provided by thepolicy would not have become effective, or would have ceased prior to theacceptance of the premium or premiums, then the liability of the insurer shallbe limited to the refund, upon request, of all premiums paid for the period notcovered by the policy.