§ 27-4-1 - Discrimination in rates or amounts payable on death.
SECTION 27-4-1
§ 27-4-1 Discrimination in rates oramounts payable on death. – No life insurance company organized or doing business within this state shallmake any distinction or discrimination as to the premiums or rates charged forpolicies upon the lives of persons insured, except any distinction ordiscrimination that shall apply to all persons of the same age, sex, generalcondition of health, and hope of longevity; nor shall any company make orpermit the rejection of an individual's application for life insurancecoverage, and the determination of the rate class for that individual, on thebasis of a disability unless that disability is relevant to the risk of loss,nor shall any company make or require any rebate, diminution, or discount uponthe sum to be paid on any policy in case of the death of the person insured;nor insert in the policy any condition, nor make any stipulation, where theperson insured shall bind himself or herself, his or her heirs, executors,administrators, and assigns, to accept any less sum than the full value oramount of the policy in case of a claim accruing on it by reason of the deathof the person insured, other than the conditions or stipulations that areimposed upon all persons in similar cases. Any stipulation or condition made orinserted in this manner shall be void.