§2523. Reinstatement -- annuities
In an annuity or pure endowment contract, other than a reversionary 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 has been paid, but all overdue stipulated payments shall be paid with interest thereon at a rate to be specified in the contract but not exceeding 6% per annum payable annually and the payment or reinstatement of any other indebtedness to the insurer upon the contract with interest at the policy loan interest rate, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. [PL 1981, c. 188, §3 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §3 (AMD).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS
24-A §2502. Industrial life insurance defined
24-A §2503. Standard provisions required
24-A §2504. Payment of premiums
24-A §2508. Misstatement of age
24-A §2511. Table of installments
24-A §2514. Beneficiary, industrial policies
24-A §2515-A. Right to examine and return policy
24-A §2516. Excluded or restricted coverage
24-A §2517. Standard provisions -- annuity and pure endowment contracts
24-A §2518. Grace period -- annuities
24-A §2519. Incontestability -- annuities
24-A §2520. Entire contract -- annuities
24-A §2521. Misstatement of age or sex -- annuities
24-A §2522. Dividends -- annuities
24-A §2523. Reinstatement -- annuities
24-A §2524. Standard provisions -- reversionary annuities
24-A §2525. Limitation of liability
24-A §2526. Prohibited provisions
24-A §2526-A. Acquired Immune Deficiency Syndrome
24-A §2527. Provisions required by law of other jurisdiction
24-A §2529. Nonforfeiture provisions
24-A §2530. Cash surrender value
24-A §2531. Paid-up nonforfeiture benefits
24-A §2532. Adjusted premiums for policies issued before the operative date of section 2532-A
24-A §2532-B. Superintendent's authority to approve certain new plans
24-A §2533. Calculation of cash surrender value of certain policies on default
24-A §2533-A. Additional provisions for policies issued after January 1, 1987
24-A §2535. Incontestability, limitation of liability after reinstatement
24-A §2536. Participating, nonparticipating policies -- right to issue
24-A §2538. Prohibited policy plans
24-A §2539. Holding proceeds of policies in trust
24-A §2540. "Wholesale life insurance" defined
24-A §2543. Nonforfeiture provisions
24-A §2545. Computation of present value
24-A §2546. Calculation of cash surrender values
24-A §2547. Calculation of paid-up annuity benefits
24-A §2549. Disclosure of limited death benefits
24-A §2550. Inclusion of lapse of time considerations
24-A §2551. Proration of values; additional benefits
24-A §2553. Maximum rate of interest on policy loans
24-A §2554. Applicability to existing policies
24-A §2555. Inclusion of nursing home benefits in life insurance policies