Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 21. Insurance
- Chapter 45. Life Insurance and Annuities
- Section 250. Limitation of Liability.
previous: Section 240
. Standard Provisions: Reversionary Annuities.
next: Section 260
. Prohibited Provisions: Industrial Life Insurance.
AS 21.45.250. Limitation of Liability.
- (a) A policy of life insurance may not be delivered or issued for delivery in this state if it contains a provision
- (1) for a period shorter than that provided by statute within which an action at law or in equity may be commenced on the
- (2) that excludes or restricts liability for death caused in a certain specified manner or occurring while the insured has
a specified status, except that a policy may contain provisions excluding or restricting coverage as specified therein
in the event of death
- (A) as a result, directly or indirectly, of war, declared or undeclared, or of action by military forces, or of any act
or hazard of the war or action, or of service in the military, naval, or air forces or in civilian forces auxiliary
thereto, or from any cause while a member of the military, naval, or air forces of any country at war, declared or
undeclared, or of any country engaged in military action;
- (B) as a result of aviation or any air travel or flight;
- (C) as a result of a specified hazardous occupation or occupations;
- (D) while the insured is a resident outside the United States and Canada; or
- (E) within two years from the date of issue of the policy as a result of suicide, while sane or insane.
- (b) A policy that contains an exclusion or restriction under (a) of this section must also provide that in the event of
death under the circumstances to which an exclusion or restriction is applicable, the insurer will pay an amount not
less than a reserve determined according to the commissioner's Reserve Valuation Method upon the basis of the mortality
table and interest rate specified in the policy for the calculation of nonforfeiture benefits (or if the policy
provides for no such benefits, computed according to a mortality table and interest rate determined by the insurer and
either specified in the policy or filed with the director) with adjustment for indebtedness or dividend credit.
- (c) This section does not apply to industrial life insurance, group life insurance, health insurance, reinsurance, or
annuities, or to a provision in a life insurance policy relating to health benefits or to additional benefits in the
event of death by accident or accidental means.
- (d) Nothing contained in this section prohibits a provision that in the opinion of the director is more favorable to the
policyholder than a provision permitted by this section.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.