Hawaii Revised Statutes 657D-35 – Rights and privileges of insured during period of protection
Terms Used In Hawaii Revised Statutes 657D-35
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- 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. See Hawaii Revised Statutes 657D-31
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
No dividend or other monetary benefit under a policy shall be paid to an insured or used to purchase dividend additions while a policy is covered by this part except with the approval of the insurance commissioner. Without this approval, those dividends or benefits shall be added to the value of the policy to be used as a credit when final settlement is made with the insurer. No cash value, loan value, withdrawal of dividend accumulation, unearned premium, or other value of similar character shall be available to the insured while the policy is covered under this part except upon approval by the insurance commissioner. The insured’s right to change a beneficiary designation or select an optional settlement for a beneficiary shall not be affected by this part.