Title 22 — Insurance
49 chapters · 1,014 sections in this title.
22 V.I.C. § 1001 Scope of chapter
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The provisions of this chapter apply only to industrial life insurance contracts.
22 V.I.C. § 1002 Industrial life insurance defined
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“Industrial” life insurance is any life insurance provided by an individual insurance contract issued in face amount of not more than $1,000, under which premiums are payable monthly or more often, and bearing the words “industrial policy” printed upon the policy as a part of the…
22 V.I.C. § 1003 Compliance enjoined
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No policy of industrial life insurance shall be delivered or be issued for delivery in this territory after Sept. 30, 1968, except in compliance with the provisions of this chapter and with other applicable provisions of this title.
22 V.I.C. § 1004 Standard provisions
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No such policy shall be so issued or delivered unless it contains in substance the provisions as required by this chapter, or provisions which in the opinion of the Commissioner are more favorable to the policyholder.
22 V.I.C. § 1005 Grace period
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There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premium after the first may be made, except that in policies the premiums for which are payable monthly, the period of grace shall be one month but not less tha…
22 V.I.C. § 1006 Entire contract
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There shall be a provision that the policy shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire contr…
22 V.I.C. § 1007 Incontestability
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There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of two years from its date of issue except for nonpayment of premiums, and except, at the option of the insurer, as to supplemental provisi…
22 V.I.C. § 1008 Misstatement of age
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There shall be a provision that if it is found that the age of the individual insured, or the age of any other individual considered in determining the premium, has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have pur…
22 V.I.C. § 1009 Dividends
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If a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy, and that dividends arising from such apportionment shall be credited annually beginning not later than the fifth contract ye…
22 V.I.C. § 1010 Nonforfeiture benefits
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There shall be a provision for nonforfeiture benefits as required by section 984 of this title.
22 V.I.C. § 1011 Cash surrender value
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There shall be a provision for a cash surrender value as required by section 984 of this title.
22 V.I.C. § 1012 Reinstatement
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There shall be a provision that the policy may be reinstated at any time within two years from the due date of the premium in default unless the cash surrender value has been paid, or the extension period expired, upon the production of evidence of insurability satisfactory to th…
22 V.I.C. § 1013 Settlement
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There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death or after a specified period not exceeding two months after receipt of such proof.
22 V.I.C. § 1014 Authority to alter policy
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There shall be a provision that no agent shall have the power or authority to waive, change or alter any of the terms or conditions of any policy; except that, at the option of the insurer, the terms or conditions may be changed by an endorsement signed by a duly authorized offic…
22 V.I.C. § 1015 Beneficiary
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(a) Each such policy shall have a space on the front or back page of the policy for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. (b) The policy may also provide that no designation …
22 V.I.C. § 1016 Facility of payment clause
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Such a policy may also provide that if the beneficiary designated in the policy does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than 30 days after the death of the insured, or if the beneficiary is the estate o…
22 V.I.C. § 1017 Payment of premiums direct
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In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office design…
22 V.I.C. § 1018 Conversion
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There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form of life insuranc…
22 V.I.C. § 1019 Title to be stated on face of policy
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There shall be a title on the face of each such policy briefly describing its form.
22 V.I.C. § 1020 Application to term and specified insurance
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Any of the provisions required by this chapter or any portion thereof which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions, shall to that extent not be incorporated therein.
22 V.I.C. § 1021 Prohibited provisions
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(1) No such policy shall contain—(1) a provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical or surgical treatment or att…
22 V.I.C. § 1022 Limitation of liability
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The insurer may in any such policy limit its liability for the same causes and to the same extent as is provided in section 976 of this title for other life insurance contracts.