2006 Louisiana Laws - RS 22:337 — Policies

§337.  Policies

A.  Every policy issued by any association authorized under this Part shall have plainly printed on the first page thereof the words "Assessment or Co-operative Plan", shall specify the services which it promises to furnish, the contingency upon which it agrees to furnish the same, the name of each beneficiary, the class or group in which each beneficiary is placed, the amount of each assessment to be required of each beneficiary and the value of the benefit to be furnished each beneficiary.  There shall be printed on each policy, either on the reverse thereof or a sheet attached thereto, a copy of the bylaws of the association.  The policy may also contain any other provision, language, or appendage not calculated to operate as a fraud upon, or mislead, the policyholder.

B.  No policy shall be issued which provides for any benefit in excess of three hundred dollars for any one individual and no policy shall be issued which provides for any benefit in excess of two hundred dollars for any person who is at the time of the issuance of the policy more than sixty years of age.

C.  No person may hold a policy of more than one association at one time.  When one person holds more than one policy, the one first issued shall be regarded as in effect and policies subsequently issued as null and void.

D.  Groups of insureds seventy years of age or older are authorized, but all records, accounts, funds, expenses, and other matters shall be kept separate from other groups.

E.  Every policy issued by any association authorized pursuant to this Part shall be incontestable after one year from the date of its issue except for nonpayment of assessments.

Acts 1958, No. 125; Acts 1999, No. 1304, §1, eff. July 12, 1999.