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2012 Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS
24-A §2521. Misstatement of age or sex -- annuities


24-A ME Rev Stat § 2521 (2012 through 125th Legis) What's This?

§2521. Misstatement of age or sex -- annuities

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof with interest at the rate to be specified in the contract but not exceeding 6% per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract. [1969, c. 132, §1 (NEW).]

SECTION HISTORY

1969, c. 132, §1 (NEW).

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