Hawaii Revised Statutes 657D-34 – Determination of policies entitled to protection; notice to parties; lapse of policies for nonpayment of premiums, etc.
Terms Used In Hawaii Revised Statutes 657D-34
- Insured: includes any person in the state military forces, whose life is insured under and who is the owner and holder and has an interest in a policy. See Hawaii Revised Statutes 657D-31
- Insurer: includes any firm, corporation, partnership, or association chartered or authorized to engage in the insurance business to issue a policy as defined by the laws of a state or of the United States. See Hawaii Revised Statutes 657D-31
- Military service: means service on state active duty in any of the state military forces or full time National Guard duty. See Hawaii Revised Statutes 657D-1
- Policy: includes any contract of life insurance or policy on a life, endowment, or term plan, including any benefit in the nature of life insurance arising out of membership in any fraternal or beneficial association, that does not provide for the payments of any sum less than the face value thereof or for the payment of an additional amount as premiums if the insured engages in the military service of the United States or which does not contain any limitations or restrictions upon coverage relating to engagement in or pursuit of certain types of activities which a person might be required to engage in by virtue of the person's being in that military service, and:
(1) Which is in force on a premium-paying basis at the time of application for benefits hereunder; and
(2) Which was made and a premium paid thereon not less than one hundred eighty days before the date insured entered into the military service. See Hawaii Revised Statutes 657D-31
- Premium: includes the amount specified in the policy as the stipend to be paid by the insured at regular intervals during the period therein stated. See Hawaii Revised Statutes 657D-31
The insurance commissioner shall determine whether the policy is entitled to protection under this part and shall notify the insured and the insurer of that determination. Any policy found by the insurance commissioner to be entitled to protection under this part, subsequent to date of application and during the period of military service of the insured and for sixty days after the expiration of that service, shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium becoming due and payable, or the nonpayment of any indebtedness or interest.