Section 58-17-16 - Incontestability clause--Optional provisions.
58-17-16. Incontestability clause--Optional provisions. A policy which the insured has the right to continue in force subject to its terms by the timely payment of premium until at least age fifty or, in the case of a policy issued after age forty-four, for at least five years from its date of issue, may contain in lieu of the provision in § 58-17-15 the following provision, from which the clause in parentheses may be omitted at the insurer's option, under the caption "Incontestable."
"After this policy has been in force for a period of two years during the lifetime of the insured (excluding any period during which the insured is disabled), it shall become incontestable as to the statements contained in the application."
Source: SL 1966, ch 111, ch 25, § 5; SL 1973, ch 300; SL 1997, ch 288, § 1.