Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.45.010 Applicability.
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This chapter applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance, and group annuities.
AS 21.45.020 Standards provisions required; return and refund.
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(a) A policy of life insurance, other than group and pure endowments with or without return of premiums or of premiums and interest, may not be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by AS 21.45.030…
AS 21.45.030 Grace period.
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There shall be a provision that a grace period of 30 days, or, at the option of the insurer, of one month of not less than 30 days, or of four weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, is allowed withi…
AS 21.45.040 Incontestability.
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There shall be a provision that the policy, exclusive of provisions relating to health insurance benefits or to additional benefits in the event of death by accident or accidental means and except for nonpayment of premiums, is uncontestable after it has been in force during the …
AS 21.45.050 Entire contract.
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There shall be a provision that the policy, or the policy and the policy application if a copy of the application is endorsed upon or attached to the policy when issued, constitute the entire contract between the parties, and if the application is made a part of the policy, that …
AS 21.45.060 Misstatement of age.
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Except as provided in AS 21.45.210, there shall be a provision that if the age of the insured or of another person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premiu…
AS 21.45.070 Dividends.
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(a) Except as provided in AS 21.45.220, there shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversa…
AS 21.45.080 Policy loan.
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(a) There shall be a provision that after three full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy and o…
AS 21.45.090 Table of values.
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There shall be a table showing in figures the loan value, if required under AS 21.45.080, and the cash surrender values and nonforfeiture benefits in accordance with AS 21.45.300(b)(5), either during the first 20 policy years or during the term of the policy, whichever is shorter…
AS 21.45.100 Table of installments.
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In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.
AS 21.45.110 Reinstatement.
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Except as provided in AS 21.45.230, there shall be a provision that unless (1) the policy has been surrendered for its cash surrender value, (2) its cash surrender value has been exhausted, or (3) the paid-up term insurance, if any, has expired, the policy will be reinstated at a…
AS 21.45.120 Payment of premiums.
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There shall be a provision relative to the payment of premiums.
AS 21.45.130 Payment of claims.
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There shall be a provision that when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy, proof of the interest of the claimant, or both. If an insurer specifies a …
AS 21.45.140 Beneficiary, industrial policies.
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An industrial life insurance policy must have the name of the beneficiary designated on it with a reservation of the right to designate or change the beneficiary after the issuance of the policy. The policy may also provide that no designation or change of beneficiary shall be bi…
AS 21.45.150 Title.
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There shall be a title on the policy, briefly describing it.
AS 21.45.160 Excluded or restricted coverage.
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A clause in a policy of life insurance stating that the policy shall be incontestable after a specified period precludes only a contest of the validity of the policy and does not preclude the assertion at any time of defenses based upon provisions in the policy that exclude or re…
AS 21.45.170 Standard provisions: annuity and pure endowment contracts.
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(a) An annuity or pure endowment contract, other than a reversionary annuity, survivorship annuity, or group annuity, may not be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in AS 21.45.180 — 21.45.230, except tha…
AS 21.45.180 Grace period: annuities.
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision for a grace period of one month, but not less than 30 days, within which a stipulated payment other than the first one may be made, subject at the optio…
AS 21.45.190 Incontestability: annuities.
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Except as provided in AS 21.45.210, if any statements, other than those relating to age, sex, and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the …
AS 21.45.200 Entire contract.
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract constitutes the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when…
AS 21.45.210 Misstatement of age or sex: annuities.
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable…
AS 21.45.220 Dividends: annuities.
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If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
AS 21.45.230 Reinstatement: annuities.
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender…
AS 21.45.240 Standard provisions: reversionary annuities.
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(a) Except as stated herein, a contract for a reversionary annuity may not be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (1) those provisions specified in AS 21.45.180 — 21.45.220, except that under AS 21.45.18…
AS 21.45.250 Limitation of liability.
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(a) A policy of life insurance may not be delivered or issued for delivery in this state if it contains a provision (1) for a period shorter than that provided by statute within which an action at law or in equity may be commenced on the policy; or (2) that excludes or restricts …
AS 21.45.260 Prohibited provisions: industrial life insurance.
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A policy of industrial life insurance may not contain a provision (1) by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer; (2) giving the insurer the right to declare the policy voi…
AS 21.45.270 Incontestability, limitation of liability after reinstatement.
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(a) A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with …
AS 21.45.280 Policy settlements.
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A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon the terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with the exemptions from the claims of creditors of beneficiaries other than…
AS 21.45.290 Indebtedness deducted from proceeds.
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In determining the amount due under a life insurance policy, whether issued before or after July 1, 1966, deduction may be made of (1) unpaid premiums or installments for the current policy year due under the terms of the policy; and of (2) the amount of principal and accrued int…
AS 21.45.300 Standard nonforfeiture law for life insurance.
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(a) This section shall be known as the standard nonforfeiture law for life insurance. (b) In the case of policies issued on and after the operative date of this section as defined in (cc) of this section a policy of life insurance, except as stated in (aa) of this section, may no…
AS 21.45.305 Standard nonforfeiture law for individual deferred annuities.
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(a) This section does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a …
AS 21.45.310 Prohibited policy plans.
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(a) An insurer may not issue for delivery or deliver in this state a life insurance policy or annuity contract issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the dea…
AS 21.45.320 Industrial life insurance defined. [Repealed, § 17 ch 21 SLA 1985.]
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[Repealed or reserved.]