Print
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).)