§3823. Notice as to conversion right

Link to law: http://legislature.vermont.gov/statutes/section/08/103/03823
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

005
:
GROUP LIFE INSURANCE










 

§

3823. Notice as to conversion right

If any

individual insured under a group life insurance policy hereafter delivered in

this state becomes entitled under the terms of such policy to have an

individual policy of life insurance issued to him or her without evidence of

insurability, subject to making of application and payment of the first premium

within the period specified in such policy, and if such individual is not given

notice of the existence of such right at least 15 days prior to the expiration

date of such period, then, in such event the individual shall have an

additional period within which to exercise such right, but nothing herein

contained shall be construed to continue any insurance beyond the period

provided in such policy. This additional period shall expire 15 days next after

the individual is given such notice but in no event shall such additional

period extend beyond 60 days next after the expiration date of the period

provided in such policy. Written notice presented to the individual or mailed

by the policyholder to the last known address of the individual or mailed by

the insurer to the last known address of the individual as furnished by the

policyholder shall constitute notice for the purpose of this section. (1967,

No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 23).)
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