31A-22-404 - Suicide.
31A-22-404. Suicide.
(1) (a) Suicide is not a defense to a claim under a life insurance policy that is in force fortwo years from the date of issuance of the later of:
(i) the policy; or
(ii) the certificate.
(b) Subsection (1)(a) applies whether:
(i) the insured's death by suicide is voluntary or involuntary; or
(ii) the insured is sane or insane.
(c) If a suicide occurs within the two-year period described in Subsection (1)(a), theinsurer shall pay to the beneficiary an amount not less than the premium paid less the following:
(i) a dividend paid;
(ii) an indebtedness; and
(iii) a partial withdrawal.
(2) (a) If after a life insurance policy is in effect the policy allows the policyholder topurchase a death benefit that is larger than when the policy was originally effective for anadditional premium, the payment of the additional increment of benefit may be limited in theevent of a suicide within a two-year period beginning on the day on which the increment increasetakes effect.
(b) If a suicide occurs within the two-year period described in Subsection (2)(a), theinsurer shall pay to the beneficiary an amount not less than the additional premium paid for theadditional increment of benefit.
(3) For a survivorship life insurance policy, this section applies when within two yearsfrom the day on which the survivorship life insurance policy is issued:
(a) the death of all insureds results from suicide; or
(b) the death of the surviving insured results from suicide.
(4) This section does not apply to:
(a) a policy insuring against death by accident only; or
(b) an accident or double indemnity provision of an insurance policy.
Amended by Chapter 349, 2009 General Session