§ 26-16-120 — Prohibited provisions generally in life insurance policies and industrial life insurance policies

Wyoming § 26-16-120

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 16: LIFE INSURANCE AND ANNUITY CONTRACTS

Text

(a) No life insurance policy, other than industrial
insurance, shall be issued or delivered in this state, or be
issued by any domestic insurer, if it contains any provision:
(i) By which the policy purports to be issued or to
take effect more than one (1) year before the original
application for the insurance is made, if thereby the insured
would rate at an age more than one (1) year younger than his
insuring age at date when application is made;
(ii) For any mode of settlement at maturity of the
policy of less value than the amount insured under the policy,
plus dividend additions, if any, less any indebtedness to the
insurer on or secured by the policy and less any premium that,
by the terms of the policy, may be deducted. This paragraph does
not apply to any nonforfeiture provisions which employ the cash
value less indebtedness, if any, to purchase automatic paid-up
or extended insurance, nor does it apply to graded death
benefits in juvenile policies at ages one (1) to sixteen (16)
years.
(b) No industrial life insurance policy shall contain any
provision:
(i) By which the insurer may deny liability under the
policy for the reason that the insured previously obtained other
insurance from the same insurer;
(ii) Giving the insurer the right to declare the
policy void because the insured:
(A) Has had any disease or ailment, whether
specified or not, or because the insured has received
institutional, hospital, medical or surgical treatment or
attention, except a provision which gives the insurer the right
to declare the policy void if the insured, within two (2) years
prior to the issuance of the policy, received institutional,
hospital, medical or surgical treatment or attention and if the
insured or claimant under the policy fails to show that the
condition occasioning that treatment or attention was not of a
serious nature or was not material to the risk;
(B) Has been rejected for insurance, unless the
right is conditioned upon the insurer showing that knowledge of
the rejection would have led to the insurer's refusal to make
the contract.