US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 20
                             GROUP LIFE INSURANCE
    41-2010.  PROVISIONS REQUIRED IN GROUP CONTRACTS. No policy of group life
insurance shall be delivered in this state unless it contains in substance the
provisions set forth in sections 41-2011 through 41-2020 of this chapter or
provisions which in the opinion of the director are more favorable to the
persons insured, or at least as favorable to the persons insured and more
favorable to the policyholder; except, however, that:
    (1)  Sections 41-2016 to 41-2020 inclusive shall not apply to policies
issued to a creditor to insure debtors of such creditor;
    (2)  The standard provisions required for individual life insurance
policies shall not apply to group life insurance policies; and
    (3)  If the group life insurance policy is on a plan of insurance other
than the term plan, it shall contain a nonforfeiture provision or provisions
which in the opinion of the director is or are equitable to the insured
persons and to the policyholder, but nothing herein shall be construed to
require that group life insurance policies contain the same nonforfeiture
provisions as are required for individual life insurance policies.