Title 26.1 — Insurance

An insurer is entitled to payment of the premium as soon as the thing insured is exposed to the peril insured against.

An acknowledgment in a policy of the receipt of premium is conclusive evidence of its payment so far as to make the policy binding, notwithstanding any stipulation in the policy that it is not binding until the premium actually is paid.

A person insured is entitled to a return of premium, including all policy fees in excess of two dollars, on any one policy, and all other sums of money paid in consideration of the insurance policy, as follows: 1. To the whole premium, fee, or other sums if no part of the insured…

In cases of overinsurance, the insured is entitled to a return of the premium as follows: 1. In overinsurance by several insurers, to a ratable return of premium proportioned to the amount by which the aggregate sum insured in all the policies exceeds the value of the thing at ri…

If a peril insured against has existed and the insurer has been liable for any period, however short, the insured is not entitled to a return of premium so far as that particular risk is concerned unless the insurance was for a definite period of time, in which case the insured i…

An insurance policy may not be forfeited, suspended, or impaired, by virtue of any condition or provision of the policy, for nonpayment of any note or obligation taken for the premium, or any part of the premium, unless the insurer, not less than thirty days prior to the maturity…

A promissory note taken in settlement of the first premium on any life, health, or accident insurance policy may not be sold or negotiated in any manner prior to the applicant's medical examination, when one is required, nor a binding receipt for the premium signed by an authoriz…

An insurer providing commercial insurance may conduct an audit to determine the premium due or to be refunded only within one hundred eighty days after the expiration date of the policy unless the insured agrees in writing to extend that period of time.