Louisiana Revised Statutes 22:874 – Dividends payable to the real party
Terms Used In Louisiana Revised Statutes 22:874
- 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.
A. Unless otherwise specified in the policy, every insurer issuing participating policies, shall pay dividends, unused premium refunds or savings distributed on account of any such policy, only to the real party in interest entitled thereto as shown by the insurer’s records, or to any person to whom the right thereto has been assigned in writing of record with the insurer, or given in the policy by such real party in interest.
B. Any person who is shown by the insurer’s records to have paid for his own account, or to have been ultimately charged for, the premium for insurance provided by a policy in which another person is the nominal insured, shall be deemed such real party in interest unless otherwise specified in the policy, proportionate to premium so paid or so charged. This Subsection shall not apply as to any such dividend, refund, or distribution which would amount to less than one dollar.
C. This Section shall not apply to contracts of group life insurance, group annuity, or group health and accident insurance, nor to policies issued prior to 12:00 noon of October 1, 1948.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:640 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.