Arkansas Statutes
§ 23-72-113 — Benefits and payment - Level or stipulated plan insurers
Arkansas·Title 23
(a)A level or stipulated rate plan insurer shall specify in its policy or membership certificate the contingencies insured against, the sum of money it promises to pay or the benefits it agrees to provide, and the number of days after satisfactory proof of loss is filed within which the payment will be made or the benefit will be provided.
(b)Upon the occurrence of a contingency insured against, unless the contract has been voided by fraud or by breach of its conditions, the insurer shall be obligated to the beneficiary for payment of or providing benefits at the time and in the amount or value specified in the policy or certificate.
(c)If the insurer fails to make the payment after final judgment has been obtained upon the claim, the Insurance Commissioner shall notify the insurer not
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Arkansas § 23-72-113 (Benefits and payment - Level or stipulated plan insurers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1959, No. 148, § 568; A.S.A. 1947, § 66-4513.
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