§ 23-85-122. Optional relation of earnings to insurance provision

AR Code § 23-85-122 (2018) (N/A)

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(a) There may be a provision as follows:

(b)

(1) The policy provision in subsection (a) of this section may be inserted only in a policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums until at least fifty (50) years of age, or in the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue.

(2) At its option, the insurer may include in this provision a definition of "valid loss of time coverage", approved as to form by the Insurance Commissioner, which shall be limited in subject matter to coverage provided by governmental agencies or by organizations subject to regulation by insurance law or by insurance authorities of this or any other state of the United States or any province of Canada, or to any other coverage, the inclusion of which may be approved by the commissioner or any combination of such coverages.

(3) In the absence of the definition, this term shall not include any coverage provided for the insured pursuant to any compulsory benefit statute, including any workers' compensation or employer's liability statute, or benefits provided by union welfare plans or by employer or employee benefit organizations.

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