2006 Utah Code - 31A-22-423 — Policy and annuity examination period.

     31A-22-423.   Policy and annuity examination period.
     (1) (a) Except as provided under Subsection (2), all life insurance policies, life insurance certificates, annuities, and annuities certificates shall contain a notice prominently printed on or attached to the cover or front page stating that the policyholder or certificate holder has the right to return the policy or certificate for any reason on or before:
     (i) ten days after delivery; or
     (ii) in case of a replacement policy or certificate, 20 days after the replacement policy or certificate is delivered.
     (b) For purposes of this section, "return" means a writing that:
     (i) the policy or certificate is being returned for termination of coverage;
     (ii) is:
     (A) a written statement on the policy or certificate; or
     (B) a writing that accompanies the policy or certificate; and
     (iii) is delivered to or mailed first class to the insurer or the insurer's agent.
     (c) A policy or certificate returned under this section is void from the date of issuance.
     (d) A policyholder or certificate holder returning a policy or certificate is entitled to a refund of any premium paid.
     (2) This section does not apply to:
     (a) group term life insurance issued under Section 31A-22-502;
     (b) a group master policy;
     (c) a noncontributory certificate;
     (d) a credit life insurance certificate; and
     (e) other classes of life insurance policies that the commissioner specifies by rule after finding that a right to return those policies would be impracticable or unnecessary to protect the policyholder's interests.

Amended by Chapter 252, 2003 General Session