§ 62A.08 — Coverage of Policy, Continuance in Force
Plain-Language Summary
If an insurer accepts your premium payment past the policy's age limit or end date, your coverage continues until the end of the paid period. If your age was misstated on the application, the insurer can adjust benefits or premiums to match your real age.
62A.08 COVERAGE OF POLICY, CONTINUANCE IN FORCE.
If any such policy contains a provision establishing, as an age limit or otherwise, a date after which the coverage provided by the policy will not be effective, and if such date falls within a period for which premium is accepted by the insurer or if the insurer accepts a premium after such date, the coverage provided by the policy will continue in force subject to any right of cancellation until the end of the period for which premium has been accepted. In the event the age of the insured has been misstated and if, according to the correct age of the insured, the policy would not have been issued, the insurer may, within 90 days of discovering the misstatement, limit its liability to a refund of all premiums paid. In all other instances the insurer may either adjust the premium to reflect the actual age of the insured or adjust the benefits to reflect the actual age and the premium.
History:
1967 c 395 art 3 s 8; 1989 c 330 s 11
History: History: 1967 c 395 art 3 s 8; 1989 c 330 s 11