20-1113. Contents of policy
A. The written instrument in which a contract of insurance is set forth is the policy.
B. Every policy shall specify:
1. The names of the parties to the contract.
2. The insurer's name.
3. The subject of the insurance.
4. The risks insured against.
5. The time when the insurance thereunder takes effect and the period during which the insurance is to continue.
6. The premium.
7. The conditions pertaining to the insurance.
C. If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
D. The provisions of subsections A, B and C shall not apply to surety contracts, or to group insurance policies.
E. A policy may contain additional provisions not inconsistent with this title and which are:
1. Required to be inserted by the laws of the insurer's domicile.
2. Necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rights and obligations of the parties to the contract.
3. Desired by the insurer and neither prohibited by law nor in conflict with any provisions required to be included therein.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
