Louisiana Revised Statutes 22:864 – Content of policies in general
Terms Used In Louisiana Revised Statutes 22:864
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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.
A. The written instrument, in which a contract of insurance is set forth, is the policy.
B. A policy shall specify and conform to the following:
(1) The names of the parties to the contract. The insurer’s name and if not a life insurer, the type of organization shall be clearly shown in the policy.
(2) The subject of the insurance.
(3) The risks insured against.
(4) The time at which the insurance takes effect and the period during which the insurance is to continue.
(5) A statement of the premium, other than as to surety bonds, and if other than life, annuity, accident or health, or title insurance, the premium rate.
(6) The conditions pertaining to the insurance.
(7) Repealed by Acts 1990, No. 638, §1.
(8) Every printed portion of the text of the policy and of any endorsements or attached papers is printed in type the size of which shall be uniform and the face of which shall not be less than ten-point type. The text shall include all printed matter except the name and address of the insurer, name or title of the policy, captions, sub-captions, and form numbers.
(9) Each such form, including riders and endorsements, shall be identified by a form number in the lower left-hand corner of each page.
C. If under the contract the exact amount of premiums is determinable only at termination 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 provided any policy examining bureau having jurisdiction or to the insured upon request.
D. This Section shall not apply to fidelity or surety insurance contracts.
Acts 1958, No. 125; Acts 1989, No. 697, §1; Acts 1990, No. 638, §1; Acts 1999, No. 1312, §1, eff. July 12, 1999; Redesignated from La. Rev. Stat. 22:624 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 326, §1, eff. Jan. 1, 2010; Acts 2010, No. 375, §1, eff. Jan. 1, 2011.
NOTE: Former La. Rev. Stat. 22:864 redesignated as La. Rev. Stat. 22:615 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.