Exams / Wyoming Life Insurance License / Wyo. Stat. §26-15-112
Wyo. Stat. §26-15-112 — what it says, and how the exam tests it
This section is cited by 4 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-15-112. Standard and uniform provisions of policies. (a) Insurance contracts shall contain any standard or uniform provisions required by the applicable provisions of this code pertaining to contracts of particular kinds of insurance. The commissioner may waive the required use of a particular provision in a particular insurance policy form if: (i) He finds the provision unnecessary for the insured's protection and inconsistent with the policy's purposes; and (ii) He otherwise approves the policy. (b) No policy shall contain any provision inconsistent with or contradictory to any standard or uniform provision used or required to be used, but the commissioner may approve any substitute provision which, in his opinion, is not less favorable in any particular to the insured or beneficiary than the provisions otherwise required. (c) Instead of the provisions required by this code for contracts for particular kinds of insurance, substantially similar provisions required by the law of the domicile of a foreign or alien insurer may be used if the commissioner approves. (d) A policy issued by a domestic insurer for delivery in another jurisdiction may contain any provision required or permitted by the laws of that jurisdiction.
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Wyoming law, which provision does the commissioner have authority to waive from a particular insurance policy form?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - A Wyoming life insurer wants to substitute a different wording for a standard policy provision. Under the statute, what must the commissioner determine about the substitute provision?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, the commissioner may waive a required standard provision in a particular insurance policy form if the commissioner finds the provision is:
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →