Oregon Statutes 743.225 – Prohibited provisions
Current as of: 2023 | Check for updates
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A life insurance policy may not:
Terms Used In Oregon Statutes 743.225
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) Limit the time within which any action at law or suit in equity may be commenced to less than three years after the cause of action or suit accrues;
(2) Purport to be issued or to take effect more than six months before the original application for the insurance was made;
(3) Require forfeiture of the policy for failure to repay any loan on the policy or any interest on such loan while the total indebtedness on the policy is less than the loan value of the policy; or
(4) Exclude coverage for loss of life that results from another person‘s act of terrorism. [Formerly 739.315; 2021 c.72 § 1]