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23-83-109. Provisions required in policy.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-109. Provisions required in policy.
(a) No policy shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the Insurance Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder.
(b) However:
(1) Provisions in §§ 23-83-115 — 23-83-119 shall not apply to policies insuring the lives of debtors;
(2) The standard provisions required for individual policies shall not apply to group policies; and
(3) If the group policy is an annuity policy or is a life insurance policy on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision which in the opinion of the commissioner is equitable to the insured persons and to the policyholder, but nothing in this subdivision (b)(3) shall be construed to require that group policies contain the same nonforfeiture provisions as are required for individual policies.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-109
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-83-109
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 64dc36c36634c2de736f2240bd62f3a18d2718758e7f4e0aa2a55b7c28dc389a
Source location: content.xml paragraph 50464
Stored source content
23-83-109. Provisions required in policy.
(a) No policy shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the Insurance Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder.
(b) However:
(1) Provisions in §§ 23-83-115 — 23-83-119 shall not apply to policies insuring the lives of debtors;
(2) The standard provisions required for individual policies shall not apply to group policies; and
(3) If the group policy is an annuity policy or is a life insurance policy on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision which in the opinion of the commissioner is equitable to the insured persons and to the policyholder, but nothing in this subdivision (b)(3) shall be construed to require that group policies contain the same nonforfeiture provisions as are required for individual policies.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-115. Payment of benefits provision.
A group policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured. However, when the policy contains conditions pertaining to family status, the beneficiary may be the family member specified by the policy terms, as to all or any part of such a sum, subject to the provisions of the policy in the event there is no designated beneficiary living at the death of the person insured and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of the sum not exceeding ten thousand dollars ($10,000) to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-115
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-83-115. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-119. Death pending conversion provision.
Excluding an annuity policy, a group policy shall contain a provision that if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which the individual would have been entitled to have an individual policy issued to him or her in accordance with §§ 23-83-117 and 23-83-118 and before the individual policy shall have become effective, the amount of life insurance which he or she would have been entitled to have issued to him or her under the individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-119
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-83-119. This identifies an authority to review, not proof of applicability.