Hawaii Revised Statutes 657D-31 – Definitions
Terms Used In Hawaii Revised Statutes 657D-31
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insured: includes any person in the state military forces, whose life is insured under and who is the owner and holder and has an interest in a policy. See Hawaii Revised Statutes 657D-31
- Military service: means service on state active duty in any of the state military forces or full time National Guard duty. See Hawaii Revised Statutes 657D-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: when used with reference to the holder of any right alleged to exist against a person in military service or against a person secondarily liable under such right, includes individuals, partnerships, corporations, and any other forms of business association. See Hawaii Revised Statutes 657D-1
- Policy: includes any contract of life insurance or policy on a life, endowment, or term plan, including any benefit in the nature of life insurance arising out of membership in any fraternal or beneficial association, that does not provide for the payments of any sum less than the face value thereof or for the payment of an additional amount as premiums if the insured engages in the military service of the United States or which does not contain any limitations or restrictions upon coverage relating to engagement in or pursuit of certain types of activities which a person might be required to engage in by virtue of the person's being in that military service, and:
(1) Which is in force on a premium-paying basis at the time of application for benefits hereunder; and
(2) Which was made and a premium paid thereon not less than one hundred eighty days before the date insured entered into the military service. See Hawaii Revised Statutes 657D-31
- Premium: includes the amount specified in the policy as the stipend to be paid by the insured at regular intervals during the period therein stated. See Hawaii Revised Statutes 657D-31
As used in this part:
“Insured” includes any person in the state military forces, whose life is insured under and who is the owner and holder and has an interest in a policy.
“Insurer” includes any firm, corporation, partnership, or association chartered or authorized to engage in the insurance business to issue a policy as defined by the laws of a state or of the United States.
“Policy” includes any contract of life insurance or policy on a life, endowment, or term plan, including any benefit in the nature of life insurance arising out of membership in any fraternal or beneficial association, that does not provide for the payments of any sum less than the face value thereof or for the payment of an additional amount as premiums if the insured engages in the military service of the United States or which does not contain any limitations or restrictions upon coverage relating to engagement in or pursuit of certain types of activities which a person might be required to engage in by virtue of the person’s being in that military service, and:
(1) Which is in force on a premium-paying basis at the time of application for benefits hereunder; and
(2) Which was made and a premium paid thereon not less than one hundred eighty days before the date insured entered into the military service.
This definition does not apply to policies or contracts of life insurance issued under the War Risk Insurance Act, as amended, the World War Veterans Act, as amended, or the National Service Life Insurance Act of 1940, as amended.
“Premium” includes the amount specified in the policy as the stipend to be paid by the insured at regular intervals during the period therein stated.