1996 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.84. FRATERNAL BENEFIT SOCIETIES
Sec. 21.84.280. Prohibited provisions.
After July 1, 1967, a life benefit certificate may not be delivered or issued for delivery in this state containing in substance any of the following provisions:
(1) a provision limiting the time within which an action at law or in equity may be commenced to less than two years after the cause of action accrues;
(2) a provision by which the certificate purports to be issued or to take effect more than six months before the original application for the certificate was made, except in case of transfer from one form of certificate to another in connection with which the member is to receive credit for a reserve accumulation under the form of certificate from which the transfer is made; or
(3) a provision for forfeiture of the certificate for failure to repay a loan or to pay interest on the loan while the total indebtedness, including interest, is less than the loan value of the certificate.
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