Hawaii Revised Statutes 657D-36 – Deduction of unpaid premiums upon settlement of policies maturing during protection
Terms Used In Hawaii Revised Statutes 657D-36
- 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
- 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
- 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.
In the event of maturity of a policy as a death claim or otherwise before the expiration of the period of protection under this part, the insurer in making settlement shall deduct from the amount of insurance the premiums guaranteed under this part, together with interest thereon at the rate fixed in the policy for policy loans. If no rate of interest is specifically fixed in the policy, the rate shall be the rate fixed for policy loans in other policies issued by the insurer at the time the policy brought under this chapter was issued. The amount deducted by reason of the protection afforded by this part shall be reported by the insurer to the insurance commissioner.