(a) A policy shall specify:

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Terms Used In Hawaii Revised Statutes 431:10-211

  • Contract: A legal written agreement that becomes binding when signed.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(1) The names of the parties to the contract. The insurer’s name shall be clearly shown in the policy;
(2) The subject of the insurance;
(3) The risks insured against and the amount of insurance;
(4) The time at which the insurance under the policy takes effect, and the period during which the insurance is to continue or the method of determining the period;
(5) A statement of the premium or premium rate; and
(6) The conditions pertaining to the insurance.
(b) If under the contract the exact amount of premiums is determinable only at termination of the contract or at periodic intervals of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid shall be furnished any policy examining bureau having jurisdiction or to the insured upon request.
(c) This section shall not apply to surety insurance or to group insurance contracts.

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