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North Carolina General Statutes Chapter 58. Insurance § 58-51-70. Industrial sick benefit insurance; provisions

Current as of January 01, 2023 | Updated by FindLaw Staff

Policies issued under the industrial sick benefit plan shall contain the substance of provisions contained in G.S. 58-51-15 and in addition shall contain the following:

(1) A provision for grace for the payment of the additional premium or assessment or proportion thereof for such death benefits of not less than four weeks during which period the death benefit shall continue in force;

(2) A provision for incontestability of the death benefit coverage after not more than two years except for

a. Nonpayment of premiums, and

b. Misstatement of age;

(3) A provision that the death benefit is noncancellable by the company except for nonpayment of premium.

The Commissioner may approve any form of certificate to be issued under the industrial sick benefit plan which omits or modifies any of the provisions hereinbefore required, if he deems such omission or modification suitable for the character of such insurance and not unjust to the persons insured thereunder.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 58. Insurance § 58-51-70. Industrial sick benefit insurance; provisions - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-58-insurance/nc-gen-st-sect-58-51-70/

Read this complete North Carolina General Statutes Chapter 58. Insurance § 58-51-70. Industrial sick benefit insurance; provisions on Westlaw

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