§ 26-18-108 — Reinstatement

(a) "Reinstatement: If any renewal premium is not paid
within the time granted the insured for payment, a subsequent
acceptance of premium by the insurer or by any agent authorized
by the insurer to accept the premium, without requiring an
application for reinstatement, reinstates the policy. If the
insurer or the agent requires an application for reinstatement
and issues a conditional receipt for the premium tendered, the
policy shall be reinstated upon the insurer's approval of the
application, or, lacking that approval, upon the forty-fifth day
following the date of the conditional receipt unless the insurer
previously notified the insured in writing of its disapproval of
the application. The reinstated policy covers only loss
resulting from an accidental injury sustained after the date of
reinstatement and loss due to any sickness beginning more than
ten (10) days after that date. In all other respects the insured
and insurer have the same rights under the policy as they had
immediately before the due date of the defaulted premium,
subject to any provisions endorsed on or attached to this policy
in connection with the reinstatement. Any premium accepted in
connection with a reinstatement shall be applied to a period for
which premium has not been previously paid, but not to any
period more than sixty (60) days prior to the date of
reinstatement."
(b) The last sentence of the provision in subsection (a)
of this section may be omitted from any policy which the insured
has the right to continue in force subject to its terms by the
timely payment of premiums:
(i) Until at least age fifty (50); or
(ii) In the case of a policy issued after age
forty-four (44), for at least five (5) years from its date of
issue.