District of Columbia Statutes
§ 31-4721 — Acceptance and recordation of premiums on industrial life or sick-benefit policies.
District of Columbia·Title 31 Insurance and Securities.·Ch. 47 Provisions Relating to All Life Insurance Companies.
(a)No industrial insurance company or agent thereof shall accept any money in payment of premiums which are in arrears on any industrial life or industrial sick-benefit insurance policy which has lapsed and which the insured seeks to reinstate, unless such payment shall amount at least to the total of all premiums in arrears or unless such payment shall, under the regulations of the company, make the policy immediately eligible for reinstatement, subject only to evidence of insurability.
(b)Every current premium shall be correctly recorded by the agent or by the company in the premium receipt book of the insured at the time the premium is paid.
(c)Every advance premium paid by an industrial life or industrial sick-benefit policyholder shall be recorded in the receipt book of the insur
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Legislative History
June 19, 1934, ch. 672, ch. V, § 21; May 4, 1950, 64 Stat. 104, ch. 157, § 7
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