Maine Revised Statutes Title 24-A Sec. 2512 – Reinstatement
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There shall be a provision that unless: [PL 1969, c. 132, §1 (NEW).]
1. The policy has been surrendered for its cash surrender value;
[PL 1981, c. 188, §2 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2512
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
2. Its cash surrender value has been exhausted; or
[PL 1969, c. 132, §1 (NEW).]
3. The paid-up term insurance, if any, has expired;
the policy will be reinstated at any time within 3 years, or 2 years in the case of industrial life insurance policies, from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding 6% per annum compounded annually and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the policy loan interest rate.
[PL 1969, c. 132, §1 (NEW); PL 1981, c. 188, §2 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §2 (AMD).