§ 26.1-24-03 — When insured entitled to return of premium

A person insured is entitled to a return of premium, including all policy fees in excess of two
dollars, on any one policy, and all other sums of money paid in consideration of the insurance
policy, as follows:
1. To the whole premium, fee, or other sums if no part of the insured's interest in the thing
insured is exposed to any of the perils insured against.
2. To the whole of the premium when the contract is voidable on account of the fraud or
misrepresentation of the insurer or on account of facts of the existence of which the
insured was ignorant without the insured's fault, or when by any default of the insured
other than actual fraud, the insurer never incurred any liability under the policy.
3. Except as provided for in a policy form filed with and approved by the commissioner,
when insurance other than life is made for a definite period of time and the insured
surrenders the policy, to such proportion of the premium, fee, or other sum as
corresponds with the unexpired time upon the amount of the policy remaining after
deducting therefrom any claim for loss or damage under the policy which has accrued
previously.