41-1830. NOTICE OF LAPSE OR TERMINATION OF INDIVIDUAL LIFE INSURANCE. (1) Notwithstanding the provisions of section 41-1927, Idaho Code, an individual life insurance policy shall not be issued or delivered in this state until the applicant has been afforded the option of designating one (1) person, in addition to the applicant, to receive notice of lapse or termination of a policy for nonpayment of premium.
(2) A designation made pursuant to subsection (1) of this section shall be on a form provided by the insurer. The applicant shall, on such form, provide the full name, address and telephone number of the person designated to receive notice of lapse or termination of the policy for nonpayment of premium.
(3) The insurer shall annually notify a policy owner of the right to:
(a) Make a designation pursuant to subsection (1) of this section;
(b) Change the designee; and
(c) Update the contact information of the designee.
(4) The policy owner may, at the policy owner’s discretion, change the designee or change the contact information of the designee more often than annually, and the insurer shall make available the form for such changes at the policy owner’s request.
(5) No individual life insurance policy shall lapse or be terminated for nonpayment of premium unless the insurer, at least fourteen (14) days prior to the effective date of the lapse or termination, sends notice by first-class United States mail to the policy owner and to the policy owner’s designee, if a designation has been made pursuant to this section, of the lapse or termination, at the address or addresses provided by the policy owner for purposes of receiving such notice.
(6) The provisions of this section shall apply to any individual life insurance policy issued or in force on or after January 1, 2018. Provided however, that the provisions of this section do not apply to any life insurance policy under which premiums are payable monthly or more frequently.
History:
[41-1830, added 2017, ch. 265, sec. 1, p. 660.]
Structure Idaho Code
Chapter 18 - THE INSURANCE CONTRACT
Section 41-1801 - SCOPE OF CHAPTER.
Section 41-1802 - “POLICY” DEFINED.
Section 41-1803 - “PREMIUM” DEFINED.
Section 41-1804 - INSURABLE INTEREST — PERSONAL INSURANCE.
Section 41-1805 - LIFE INSURANCE FOR BENEFIT OF CERTAIN INSTITUTIONS.
Section 41-1806 - INSURABLE INTEREST — PROPERTY.
Section 41-1807 - POWER TO CONTRACT — PURCHASE OF INSURANCE BY MINORS.
Section 41-1808 - APPLICATION REQUIRED — LIFE AND DISABILITY INSURANCE.
Section 41-1809 - ALTERATION OF APPLICATION — LIFE AND DISABILITY INSURANCE.
Section 41-1810 - APPLICATION AS EVIDENCE.
Section 41-1811 - REPRESENTATIONS IN APPLICATIONS.
Section 41-1812 - FILING, USE AND DISAPPROVAL OF FORMS.
Section 41-1813 - GROUNDS FOR DISAPPROVAL.
Section 41-1814 - STANDARD PROVISIONS IN GENERAL.
Section 41-1815 - CONTENTS OF POLICIES IN GENERAL.
Section 41-1816 - ASSESSMENT POLICIES — SPECIAL CONTENTS.
Section 41-1817 - ADDITIONAL POLICY CONTENTS.
Section 41-1818 - CHARTER AND BY-LAW PROVISIONS.
Section 41-1819 - EXECUTION OF POLICIES.
Section 41-1820 - UNDERWRITERS’ AND COMBINATION POLICIES.
Section 41-1821 - VALIDITY AND CONSTRUCTION OF NONCOMPLYING FORMS.
Section 41-1822 - CONSTRUCTION OF POLICIES.
Section 41-1824 - DELIVERY OF POLICY.
Section 41-1825 - RENEWAL BY CERTIFICATE.
Section 41-1826 - ASSIGNMENT OF POLICIES.
Section 41-1827 - RIGHT TO INSPECT POLICIES IN FORCE.
Section 41-1828 - PAYMENT DISCHARGES INSURER — PAYMENT TO MARITAL COMMUNITY.
Section 41-1830 - NOTICE OF LAPSE OR TERMINATION OF INDIVIDUAL LIFE INSURANCE.
Section 41-1831 - FORMS FOR PROOF OF LOSS TO BE FURNISHED.
Section 41-1832 - CLAIMS ADMINISTRATION NOT WAIVER.
Section 41-1833 - EXEMPTION OF PROCEEDS — LIFE INSURANCE.
Section 41-1834 - EXEMPTION OF PROCEEDS — DISABILITY INSURANCE.
Section 41-1835 - EXEMPTION OF PROCEEDS — GROUP INSURANCE.
Section 41-1836 - EXEMPTION OF PROCEEDS — ANNUITY CONTRACTS — ASSIGNABILITY OF RIGHTS.
Section 41-1837 - RETURN OF UNEARNED PREMIUMS ON DESTRUCTION OF PROPERTY.
Section 41-1838 - VENUE OF SUITS AGAINST INSURERS.
Section 41-1839 - ALLOWANCE OF ATTORNEY’S FEES IN SUITS AGAINST OR IN ARBITRATION WITH INSURERS.
Section 41-1840 - PREPAYMENT OF CLAIMS.
Section 41-1841 - BLOCK CANCELLATIONS AND BLOCK NONRENEWALS — NOTICE TO DIRECTOR REQUIRED.
Section 41-1842 - COMMERCIAL INSURANCE — CANCELLATION — NONRENEWAL.
Section 41-1843 - INSURANCE RATES AND CREDIT RATING.
Section 41-1844 - PRESCRIPTION DRUG BENEFIT RESTRICTIONS PROHIBITED.
Section 41-1845 - RECREATIONAL-RELATED ACTIVITIES.
Section 41-1846 - HEALTH CARE POLICIES — APPLICABILITY — REQUIREMENT.
Section 41-1847 - ASSIGNMENT OF HEALTH INSURANCE CONTRACTS.
Section 41-1849 - CONTRACTS WITH PROVIDERS OF DENTAL SERVICES.
Section 41-1850 - CERTIFICATES OF INSURANCE.
Section 41-1851 - ELECTRONIC NOTICES AND DOCUMENTS.
Section 41-1852 - DISCRIMINATION AGAINST LIVING ORGAN DONORS PROHIBITED.