(a) A policy of life insurance, other than group and pure endowments with or without return of premiums or of premiums and interest, may not be delivered or issued for delivery in this state unless it contains in substance all of the applicable provisions required by AS 21.45.030 – 21.45.150. This section does not apply to annuity contracts or to a provision of a life insurance policy, or contract supplemental to it, relating to health insurance benefits or to additional benefits in the event of death by accident or accidental means.

Terms Used In Alaska Statutes 21.45.020 - Standards provisions required; return and refund

  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060

(b) The provisions or portions of provisions not applicable to single premium or term policies may not to that extent be incorporated in the policy.

(c) A life insurance policy or annuity contract delivered or issued for delivery in this state and each life insurance policy or annuity contract application must contain a notice prominently printed on or attached to the first page stating

(1) on written request, an insurer is required to provide, within a reasonable time, reasonable factual information regarding the benefits and provisions of the policy or contract to the policy or contract holder; and

(2) if, for any reason, the policy or contract holder is not satisfied with the policy or contract, the policy or contract holder may return the policy or contract within 10 days after the policy or contract is delivered and, except as provided in (d) of this section, receive a refund of all money paid.

(d) For a variable life insurance policy or variable annuity contract, the refund under (c) of this section must equal the sum of

(1) the difference between the premiums paid, including any policy or contract fees or other charges and the amounts allocated to any separate accounts under the policy or contract; and

(2) the value of amounts allocated to any separate accounts on the date the returned policy is received by the insurer or its insurance producer.