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23-83-118. Conversion on termination of policy provision.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-118. Conversion on termination of policy provision.
(a) Excluding an annuity policy, a group policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of the termination whose insurance terminates, including the insured dependent of a covered person, and who has been an insured for at least five (5) years prior to the termination date shall be entitled to have issued to him or her by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by § 23-83-117.
(b) However, the group policy may provide that the amount of the individual policy shall not exceed the smaller of:
(1) The amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he or she is or becomes eligible under a group policy issued or reinstated by the same or another insurer within thirty-one (31) days after the termination; or
(2) Ten thousand dollars ($10,000).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-118
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:23-83-118
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0721c7a597f134150f043d09d3aa4be08f69a41b5620b8b7340f35ebea798b90
Source location: content.xml paragraph 50563
Stored source content
23-83-118. Conversion on termination of policy provision.
(a) Excluding an annuity policy, a group policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of the termination whose insurance terminates, including the insured dependent of a covered person, and who has been an insured for at least five (5) years prior to the termination date shall be entitled to have issued to him or her by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by § 23-83-117.
(b) However, the group policy may provide that the amount of the individual policy shall not exceed the smaller of:
(1) The amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he or she is or becomes eligible under a group policy issued or reinstated by the same or another insurer within thirty-one (31) days after the termination; or
(2) Ten thousand dollars ($10,000).
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-117. Conversion on termination of eligibility provision.
Excluding an annuity policy, a group policy shall contain a provision that if the insurance or any portion of it on a person covered under the policy or on the dependent of a person covered ceases because of termination of employment or of membership in the classes eligible for coverage under the policy, the persons shall be entitled to have issued to them by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits. However, an application for the individual policy shall be made by the person covered under the policy or the dependent of the covered person and the first premium paid to the insurer within thirty-one (31) days after the termination, and in addition:
(1) At the option of the persons, the individual policy shall be on any one (1) of the forms then customarily issued by the insurer at the age and for the amount applied for, except that the group policy may exclude the option to elect term insurance;
(2)(A) The individual policy shall be in an amount not in excess of the amount of life insurance that ceases because of the termination, less the amount of any life insurance for which the person becomes eligible under the same or any other group policy within thirty-one (31) days after the termination.
(B) However, any amount of insurance that shall have matured on or before the date of the termination as an endowment payable to the person insured, whether in one (1) sum or in installments or in the form of an annuity, shall not be included, for the purposes of this provision, in the amount that is considered to cease because of the termination;
(3) The premium on the individual policy shall be at the insurer's th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-117
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 23-83-117. This identifies an authority to review, not proof of applicability.