41-2023. APPLICATION OF DIVIDENDS — RATE REDUCTIONS. If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued for the first or any subsequent year of insurance under any policy of group life insurance heretofore or hereafter issued to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under such policy and all other group insurance policies of the policyholder over the aggregate expenditure for insurance under such policies made from funds contributed by the policyholder, or by an employer of insured persons, or by a union or association to which the insured persons belong, including expenditures made in connection with administration of such policies, shall be applied by the policyholder for the sole benefit of insured employees or members.
History:
[41-2023, added 1961, ch. 330, sec. 488, p. 645.]
Structure Idaho Code
Chapter 20 - GROUP LIFE INSURANCE
Section 41-2001 - SCOPE OF CHAPTER — SHORT TITLE.
Section 41-2002 - GROUP CONTRACTS MUST MEET GROUP REQUIREMENTS.
Section 41-2003 - EMPLOYEE GROUPS.
Section 41-2004 - LABOR UNION GROUPS.
Section 41-2005 - DEBTOR GROUPS.
Section 41-2006 - PUBLIC EMPLOYEE GROUPS.
Section 41-2007 - TRUSTEE GROUPS.
Section 41-2008 - CREDIT UNION GROUPS.
Section 41-2009 - DEPENDENTS’ COVERAGE.
Section 41-2010 - PROVISIONS REQUIRED IN GROUP CONTRACTS.
Section 41-2011 - GRACE PERIOD.
Section 41-2012 - INCONTESTABILITY.
Section 41-2013 - APPLICATION — STATEMENTS DEEMED REPRESENTATIONS.
Section 41-2014 - INSURABILITY.
Section 41-2015 - MISSTATEMENT OF AGE.
Section 41-2016 - PAYMENT OF BENEFITS.
Section 41-2017 - CERTIFICATE.
Section 41-2018 - CONVERSION ON TERMINATION OF ELIGIBILITY.
Section 41-2019 - CONVERSION ON TERMINATION OF POLICY.
Section 41-2020 - DEATH PENDING CONVERSION.
Section 41-2021 - NOTICE AS TO CONVERSION RIGHT.
Section 41-2022 - READJUSTMENT OF PREMIUM.
Section 41-2023 - APPLICATION OF DIVIDENDS — RATE REDUCTIONS.