PART IV. 
INSURANCE



 



[§657D-31]  Definitions.  As used in
this part:



"Insured" includes any person in the
state military forces, whose life is insured under and who is the owner and
holder and has an interest in a policy.



"Insurer" includes any firm, corporation,
partnership, or association chartered or authorized to engage in the insurance
business to issue a policy as defined by the laws of a state or of the United
States.



"Policy" includes any contract of
life insurance or policy on a life, endowment, or term plan, including any
benefit in the nature of life insurance arising out of membership in any
fraternal or beneficial association, that does not provide for the payments of
any sum less than the face value thereof or for the payment of an additional
amount as premiums if the insured engages in the military service of the United
States or which does not contain any limitations or restrictions upon coverage
relating to engagement in or pursuit of certain types of activities which a
person might be required to engage in by virtue of the person's being in that
military service, and:



(1)  Which is in force on a premium-paying basis at
the time of application for benefits hereunder; and



(2)  Which was made and a premium paid thereon not
less than one hundred eighty days before the date insured entered into the
military service.



This definition does not apply to policies or
contracts of life insurance issued under the War Risk Insurance Act, as
amended, the World War Veterans Act, as amended, or the National Service Life
Insurance Act of 1940, as amended.



"Premium" includes the amount
specified in the policy as the stipend to be paid by the insured at regular
intervals during the period therein stated. [L 1994, c 257, pt of §2]