Sec. 21.45.230. Reinstatement: annuities.

108 words·~1 min read·/ak/title-21/chapter-45/21-45-230

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 value had been paid, if all overdue stipulated payments and any indebtedness to the insurer on the contract are paid or reinstated with interest at a rate to be specified in the contract, not exceeding six percent a year payable annually. Where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.