In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value had been paid, if all overdue stipulated payments and any indebtedness to the insurer on the contract are paid or reinstated with interest at a rate to be specified in the contract, not exceeding six percent a year payable annually. Where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Structure Alaska Statutes
Chapter 45. Life Insurance and Annuities
Sec. 21.45.010. Applicability.
Sec. 21.45.020. Standards provisions required; return and refund.
Sec. 21.45.040. Incontestability.
Sec. 21.45.050. Entire contract.
Sec. 21.45.060. Misstatement of age.
Sec. 21.45.090. Table of values.
Sec. 21.45.100. Table of installments.
Sec. 21.45.110. Reinstatement.
Sec. 21.45.120. Payment of premiums.
Sec. 21.45.130. Payment of claims.
Sec. 21.45.140. Beneficiary, industrial policies.
Sec. 21.45.160. Excluded or restricted coverage.
Sec. 21.45.170. Standard provisions: annuity and pure endowment contracts.
Sec. 21.45.180. Grace period: annuities.
Sec. 21.45.190. Incontestability: annuities.
Sec. 21.45.200. Entire contract.
Sec. 21.45.210. Misstatement of age or sex: annuities.
Sec. 21.45.220. Dividends: annuities.
Sec. 21.45.230. Reinstatement: annuities.
Sec. 21.45.240. Standard provisions: reversionary annuities.
Sec. 21.45.250. Limitation of liability.
Sec. 21.45.260. Prohibited provisions: industrial life insurance.
Sec. 21.45.270. Incontestability, limitation of liability after reinstatement.
Sec. 21.45.280. Policy settlements.
Sec. 21.45.290. Indebtedness deducted from proceeds.
Sec. 21.45.300. Standard nonforfeiture law for life insurance.
Sec. 21.45.305. Standard nonforfeiture law for individual deferred annuities.