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2009 SESSION

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SB 1480 Life insurance policies; delivery method.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Life insurance policies; delivery method.  Provides that the date of delivery of a life insurance policy shall be the date of signed receipt of delivery, if delivered by mail or physical delivery, or the date of electronic transmission, if effected electronically. In any event, a policy shall be deemed to have been received by a policy owner if six months have passed since its issuance and the owner paid premiums throughout the period.

SUMMARY AS INTRODUCED:

Life insurance policies; delivery method.  Establishes permissible methods for delivery of a life insurance policy by the insurer to the owner of the policy in order to start the period running during which the owner may exercise a right to examine, surrender, or return a policy for cancellation. Permitted forms of delivery include registered or certified mail; personal delivery, with a signed, written receipt of delivery; first-class mail, with a signed, written receipt of delivery; or other reasonable means, as determined by the Commissioner.  If a dispute arises regarding delivery of a policy, the burden of proof shall be on the insurer to establish that the policy was delivered if delivery was not made by one of such manners.  In any event, a policy shall be deemed to have been received six months after the date of issuance if the insured has paid premiums pursuant to the contract.