Title 41, INSURANCE

41-1852. discrimination against living organ donors prohibited. (1) For purposes of this section, "policy" means a life insurance policy, disability insurance policy or long-term care insurance policy. (2) Notwithstanding any provision of law to the contrary, it shall be unlawful…

41-1853. plans covering contraception. (1) As used in this section: (a) "Health benefit plan" shall have the same meaning as provided in section 41-5501, Idaho Code. (b) "Prescription contraception" means all drugs, devices, and products approved by the United States food and dru…

41-1854. anticancer medications. (1) For purposes of this section: (a) "Anticancer medication" means a drug or biologic used to kill, slow, or prevent the growth of cancerous cells, whether administered orally, intravenously, or by injection. (b) "Health benefit plan" shall have …

TITLE 41 INSURANCE CHAPTER 18 THE INSURANCE CONTRACT 41-1854 [41-1855]. health care — cash price for services. [Effective January 1, 2027] (1) As used in this section, the terms "covered person," "health benefit plan," "health care provider," "health care services," "health carri…

41-1901. Scope of chapter. This chapter applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.

41-1902. "Industrial life insurance" defined. For the purposes of this code "industrial life insurance" is that form of life insurance written under policies of face amount of one thousand dollars ($1,000) or less bearing the words "industrial policy" imprinted on the face thereo…

41-1903. Standard provisions required. (1) No policy of life insurance other than group, and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance all of the applicab…

41-1904. Grace period. There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payab…

41-1905. Incontestability. There shall be a provision that the policy (exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means) shall be incontestable, except for nonpayment of premiums, after it has …

41-1906. Entire contract. There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements…

41-1907. Misstatement of age. There shall be a provision that if the age of the insured or of any other 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 premium wo…

41-1908. Dividends. (1) 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 anniversary or other divi…

41-1909. Policy loan. (1) There shall be a provision that after three (3) 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 …

41-1910. Table of instalments. In case the policy provides that the proceeds may be payable in instalments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed instalments.

41-1911. Reinstatement. There shall be a provision that unless: (1) The policy has been surrendered for its cash surrender value, or (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 any time …

41-1912. Payment of premiums. There shall be a provision relative to the payment of premiums.

41-1913. Payment of claims. There shall be a provision that when a policy shall become 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 and/or proof of the interest of the claima…

41-1914. Beneficiary — Industrial policies. An industrial life insurance policy shall have the name of the beneficiary designated thereon 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 d…

41-1915. Title. There shall be a title on the policy, briefly describing the same.

41-1916. Excluded or restricted coverage. A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses …

41-1917. Standard provisions — Annuity and pure endowment contracts. (1) No annuity or pure endowment contract, other than reversionary annuities (also called survivorship annuities) or group annuities and except as stated herein, shall be delivered or issued for delivery in this…

41-1918. Grace period — Annuities. In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than thirty (30) days, within which any stipulated pa…

41-1919. Incontestability — Annuities. 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, and subject to section 41-1921 of …

41-1920. Entire contract — Annuities. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is end…

41-1921. Misstatement of age or sex — Annuities. 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 an…

41-1922. Dividends — Annuities. 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…

41-1923. Reinstatement — Annuities. In an annuity or pure endowment contract, other than a reversionary 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, unle…

41-1924. Standard provisions — Reversionary annuities. (1) Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (a) Any such reversionary annuity c…

41-1925. Limitation of liability. (1) No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (a) A provision for a period shorter than that provided by statute within which an action at law or in equity …

41-1926. Prohibited provisions — Industrial life insurance. No policy of industrial life insurance shall contain any of the following provisions: (1) A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other…

41-1927. Standard nonforfeiture law — Life insurance. (1) (a) This section shall be known as the standard nonforfeiture law for life insurance. (b) "Operative date of the valuation manual" means January 1 of the first calendar year that the valuation manual, as defined in section…

41-1927A. Standard nonforfeiture law for individual deferred annuities. (1) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (2) This section shall not apply to any reinsurance, group annuity purchased under a retirement plan or pla…

41-1928. Nonforfeiture benefits — Certain interim policies. (1) Each life insurance policy issued between the effective date of this code and the operative date of section 41-1927 (standard nonforfeiture law) shall contain: (a) An automatic nonforfeiture provision, which must be …

41-1929. Incontestability and limitation of liability after reinstatement. (1) 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 reinstateme…

41-1930. Policy settlements. Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of cred…

41-1931. Indebtedness deducted from proceeds. In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of: (1) Any unpaid premiums or instalments thereof for the current policy year due under the terms of the policy, and …

41-1932. Participating and nonparticipating policies — Right to issue. A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charg…

41-1933. Participating and nonparticipating policies — Accounting. (1) A life insurer issuing both participating and nonparticipating policies shall maintain a system of accounting which segregates the participating from the nonparticipating business and clearly shows the profits…

41-1934. Prohibited policy plans. (1) No life insurer shall hereafter deliver or issue for delivery in this state: (a) As part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends, and benefits ari…

41-1935. Life insurance and annuities — Twenty day free examination. (1) Every life insurance policy to which the provisions of section 41-1927, Idaho Code, apply and every annuity contract shall contain a provision therein or in a separate rider attached thereto when delivered, …

41-1936. Separate accounts — Operation and management. (1) A domestic life insurer may, by or pursuant to resolution of its board of directors, establish one or more separate accounts, and may allocate thereto amounts to provide for life insurance or annuities (and benefits incid…

41-1937. Variable contracts — Statement of essential features. (1) Any variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insur…

41-1938. Variable contracts — Authority of insurer to issue. No insurer shall deliver or issue for delivery in this state contracts authorized under section 41-1936, Idaho Code, unless it is authorized or organized to do a life insurance or annuity business in this state, and the…

41-1939. Variable contracts — Regulation thereof. (1) Notwithstanding any other provision of law, the director shall have sole and exclusive authority to regulate the issuance and sale of variable contracts and to provide for licensing of persons selling such contracts, and to is…

41-1940. annuity consumer protections act. (1) Sections 41-1940 through 41-1943, Idaho Code, shall be known and may be cited as the "Annuity Consumer Protections Act." (2) As used in the annuity consumer protections act: (a) "Annuity" means an annuity that is an insurance product…

41-1940A. ANNUITY CONSUMER PROTECTIONS — SUITABILITY DUTIES. (1) This section through section 41-1940E, Idaho Code, shall apply to any sale or recommendation of an annuity. (a) The purpose of these sections is to require producers, as defined in the annuity consumer protections a…