2006 Louisiana Laws - RS 22:292 — Policy provisions

§292.  Policy provisions

A.  No service insurer shall issue a policy for a term of more than 20 years and all policies issued shall be incontestable after the lapse of one year from the date of its issue, except for non-payment of premiums or assessments.  Thirty days written notice must be given to the policyholder before any policy shall be lapsed or forfeited for non-payment of premiums or assessments.  All policy forms, endorsements, riders, and applications must be submitted to and approved by the Commissioner of Insurance before being used.  

B.  Each policy must specify those things which constitute the service to be furnished, performed, or rendered; and must also provide on the face of the funeral benefit policy a stated cash payment which will be made in lieu of such services in the event it is impossible or impractical to furnish such services as set forth in the policy.  This cash payment shall be not less than one hundred percent of the stated value of such services on policies written after the effective date of this Section.  

C.  If for any reason the beneficiary does not avail himself of the contractual services as set forth in the funeral policy when it is practical and possible to furnish such services, then, in lieu thereof, the policy shall provide for a stated cash payment which shall not be less than seventy-five percent of the face amount.  

D.  Such funeral policies shall also conform to the requirements of R.S. 22:259, Paragraphs (2), (4), (5), (6), (7), (8), and (9).  

Acts 1958, No. 125.  Amended by Acts 1964, No. 125, §1; Acts 1972, No. 246, §1, eff. Jan. 1, 1973; Acts 1977, No. 116, §1, eff. Jan. 1, 1978.