There shall be a provision that unless: [1969, c. 132, §1 (NEW).]
1. The policy has been surrendered for its cash surrender value;
[
1981, c. 188, §2 (AMD)
.]
2. Its cash surrender value has been exhausted; or
[
1969, c. 132, §1 (NEW)
.]
3. The paid-up term insurance, if any, has expired;
the policy will be reinstated at any time within 3 years, or 2 years in the case of industrial life insurance policies, from
the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to
the insurer, the payment of all premiums in arrears with interest at a rate not exceeding 6% per annum compounded annually
and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the policy loan
interest rate.
[
1969, c. 132, §1 (NEW);
1981, c. 188, §2 (AMD)
.]
SECTION HISTORY
1969, c. 132, §1 (NEW).
1981, c. 188, §2 (AMD).
Data for this page extracted on 11/09/2009 11:20:25.