Idaho Code 41-1332 – Return of Unearned Premium for Disability Policies
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 41-1332
- Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
Upon the death of a disability policyholder, the insurer shall immediately return any applicable unearned premium on a prorated basis for the period beginning with the month after the month of death for which there is no risk or loss to the company. Violation of the provisions of this section shall subject the insurer to an administrative penalty not to exceed five thousand dollars ($5,000) for deposit in the general account of the state of Idaho. The provisions of this section shall not apply to credit disability insurance policies.