(a) No industrial insurance company or agent thereof shall accept any money in payment of premiums which are in arrears on any industrial life or industrial sick-benefit insurance policy which has lapsed and which the insured seeks to reinstate, unless such payment shall amount at least to the total of all premiums in arrears or unless such payment shall, under the regulations of the company, make the policy immediately eligible for reinstatement, subject only to evidence of insurability.
(b) Every current premium shall be correctly recorded by the agent or by the company in the premium receipt book of the insured at the time the premium is paid.
(c) Every advance premium paid by an industrial life or industrial sick-benefit policyholder shall be recorded in the receipt book of the insured in exactly the same manner as current premiums are recorded, and accurate entry thereof shall be made in the record book of the agent; provided, however, that failure so to do shall not invalidate the policy.
(June 19, 1934, ch. 672, ch. V, § 21; May 4, 1950, 64 Stat. 104, ch. 157, § 7.)
1981 Ed., § 35-527.
1973 Ed., § 35-722.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 47 - Provisions Relating to All Life Insurance Companies
§ 31–4701. Valuation of reserves by Commissioner
§ 31–4702. Companies issuing both participating and nonparticipating policies
§ 31–4703. Life policies — Required provisions
§ 31–4704. Life policies — Prohibited provisions
§ 31–4705.01. Nonforfeiture benefits and cash surrender values
§ 31–4705.02. Standard nonforfeiture law — In general
§ 31–4705.03. Standard nonforfeiture law — Individual deferred annuities
§ 31–4705.04. Loan provisions in policies
§ 31–4706. Extension of time for payment of premiums
§ 31–4707. Ascertainment of loan indebtedness
§ 31–4708. Filing and approval of life policy forms
§ 31–4709. Policy provisions required by foreign government entities
§ 31–4710. Group policies — General requirements. [Repealed]
§ 31–4711. Group policies — Required provisions
§ 31–4711.01. Group policies — Right to, and notice of, issuance of individual policy
§ 31–4712. Accident and sickness policies
§ 31–4713. Prohibited activities — Securities operations. [Repealed]
§ 31–4714. Prohibited activities—Misrepresentations. [Repealed]
§ 31–4715. Prohibited activities—Discriminations. [Repealed]
§ 31–4716. Rights of parties under life policies
§ 31–4716.01. Exemption from legal process — Disability benefits
§ 31–4717. Exemption from legal process — Group life policy or proceeds
§ 31–4718. Fraudulent statements or representations against companies. [Repealed]
§ 31–4719. Authority to hold proceeds under trust or agreement
§ 31–4720. Calculations of premiums and reserves
§ 31–4721. Acceptance and recordation of premiums on industrial life or sick-benefit policies
§ 31–4722. Industrial life policies — Required provisions
§ 31–4723. Industrial life policies — Prohibited provisions
§ 31–4724. Access to psychologists or optometrists under group health insurance policy
§ 31–4725. Policy language simplification standards
§ 31–4726. Commissioner’s review of test
§ 31–4727. Applicability of §§ 31-4725 through 31-4730
§ 31–4729. Construction of §§ 31-4725 through 31-4730