33-13-1 Scope of article
33-13-2 Standard provisions required
33-13-3 Grace period
33-13-4 Incontestability
33-13-5 Entire contract
33-13-6 Misstatement of age
33-13-7 Dividends
33-13-8 Loans on policies
33-13-8a Maximum rate of interest on policy loans
33-13-9 Nonforfeiture benefits
33-13-10 Table of loan values and options
33-13-11 Table of installments
33-13-12 Reinstatements
33-13-13 Payment of premiums
33-13-14 Payment of claims
33-13-14a Payment of interest on death claims
33-13-15 Title on policy
33-13-16 Excluded or restricted coverage
33-13-17 Annuity contracts — Standard provisions
33-13-18 Same — Grace period
33-13-19 Same — Incontestability
33-13-20 Same — Entire contract
33-13-21 Same — Misstatement of age or sex
33-13-22 Same — Dividends
33-13-23 Same — Reinstatement
33-13-24 Standard provisions of reversionary annuities
33-13-25 Limitation of liability
33-13-26 Contestability after reinstatement
33-13-27 Power of insurer to hold proceeds of policy under agreement
33-13-28 Indebtedness deducted from proceeds
33-13-29 Dual or multiple pay policies prohibited
33-13-30 Standard nonforfeiture law for life insurance
33-13-30a Standard nonforfeiture law for individual deferred annuities
33-13-31 Industrial life insurance — Required provisions
33-13-32 Same — Grace period
33-13-33 Same — Entire contract; statements in application; deemed representations
33-13-34 Same — Incontestability
33-13-35 Same — Misstatement of age
33-13-36 Same — Dividends
33-13-37 Same — Nonforfeiture benefits; cash surrender values
33-13-38 Same — Reinstatement
33-13-39 Same — Settlement
33-13-40 Same — Beneficiary and facility of payment clause
33-13-41 Same — Direct payment of premiums
33-13-42 Same — Conversion of weekly policies
33-13-43 Same — Conversion of monthly policies
33-13-44 Same — Title on policy
33-13-45 Same — Provisions not required in single premium, term, etc., policies
33-13-46 Same — Prohibited provisions
33-13-47 Burial insurance
33-13-48 Replacement of existing rule with model rule
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Terms Used In West Virginia Code > Chapter 33 > Article 13 - Life Insurance

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fraud: Intentional deception resulting in injury to another.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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.
  • State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
  • Statute: A law passed by a legislature.