58-17-15. Time limit on certain defenses--Application of section.
143 words·~1 min read·
/sd/title-58/chapter-58-17/58-17-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There shall be a provision as follows: "Time limit on certain defenses:
(1)After two years from the date of issue of this policy no misstatements, except fraudulent misstatements, made by the applicant in the application for such policy shall be used to void the policy or to deny a claim for loss incurred or disability, as defined in the policy, commencing after the expiration of such two-year period."
The foregoing policy provision may not be construed to affect any legal requirement for avoidance of a policy or denial of a claim during such initial two-year period, nor to limit the application of §§ 58-17-32 to 58-17-39 , inclusive, in the event of misstatement with respect to age or occupation or other insurance. This section only applies to excepted benefits. This section does not apply to any long-term care insurance policy or certificate.