Maine Revised Statutes Title 24-A. Maine Insurance Code § 2512. Reinstatement
Current as of January 01, 2022 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
There shall be a provision that unless:
1. The policy has been surrendered for its cash surrender value;
2. Its cash surrender value has been exhausted; or
3. The paid-up term insurance, if any, has expired;
the policy will be reinstated at any time within 3 years, or 2 years in the case of industrial life insurance policies, from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding 6% per annum compounded annually and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the policy loan interest rate.
Cite this article: FindLaw.com - Maine Revised Statutes Title 24-A. Maine Insurance Code § 2512. Reinstatement - last updated January 01, 2022 | https://codes.findlaw.com/me/title-24-a-maine-insurance-code/me-rev-st-tit-24-a-sect-2512.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?