Terms Used In Maine Revised Statutes Title 24-A Sec. 2616

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
The group life insurance policy must contain a provision that a copy of the application, if any, of the policyholder must be attached to the policy when issued, that all statements made by the policyholder or by the persons insured are deemed representations and not warranties and that no statement made by any person insured may be used in any contest, unless a copy of the instrument containing the statement is or has been furnished to such person or, in the event of death or incapacity of the insured person, to the person’s beneficiary or personal representative. [RR 2021, c. 1, Pt. B, §228 (COR).]
SECTION HISTORY

PL 1969, c. 132, §1 (NEW). PL 1981, c. 150, §20 (AMD). RR 2021, c. 1, Pt. B, §228 (COR).