Maine Revised Statutes Title 24-A Sec. 2613 – Provisions required in group contracts
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No policy of group life insurance may be delivered in this State unless it contains in substance the provisions set forth in this section and sections 2614 to 2628, or provisions which in the opinion of the superintendent are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder, provided: [PL 1981, c. 150, §17 (RPR).]
1. That sections 2619 to 2623 and section 2628 do not apply to policies insuring the lives of debtors;
[PL 1981, c. 150, §17 (RPR).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2613
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
2. That the standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
[PL 1981, c. 150, §17 (RPR).]
3. That if the group life insurance policy is on a plan of insurance other than the term plan, it contains a nonforfeiture provision or provisions which in the opinion of the superintendent is or are equitable to the insured persons and to the policyholder, but nothing herein may be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
[PL 1981, c. 150, §17 (RPR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §43 (AMD). PL 1973, c. 585, §12 (AMD). PL 1981, c. 150, §17 (RPR).