20-1213. Reinstatement
There shall be a provision that unless the policy has been surrendered for its cash
surrender value or unless the paid-up term insurance, if any, has expired, the policy
will be reinstated at any time within three years from the date of premium default upon
written application therefor, the production of evidence of insurability satisfactory to
the insurer, the payment of all premiums in arrears, and the payment or reinstatement of
any other indebtedness to the insurer upon the policy, all with interest at a rate not
exceeding six per cent per annum compounded annually.
|