§ 3-103

(a) A provision in any policy of life or accident insurance, or in the charter or bylaws of any mutual or fraternal insurance association concerning the effect to be given to evidence of death or absence, is invalid if the policy was executed or the provision adopted after May 31, 1941.

(b) If the policy, charter, or bylaws, executed or adopted after May 31, 1941, contains a provision which requires a beneficiary to bring suit upon a claim of death within one year or other period after the death of the insured and the fact of absence of the insured is relied upon by the beneficiary as evidence of the death, notwithstanding the provisions in the policy, charter, or bylaws, the action may be filed within the period of limitations for filing an action for breach of contract.

(c) For purposes of this section, the period of limitations runs from the date the beneficiary gives written notice of the absence to the insurer, or if notice is not given, from the date the beneficiary last heard about the insured. The notice shall be given within one year from the date the beneficiary last heard about the absent insured.