Exams / Wyoming Life Insurance License / Wyo. Stat. §26-16-110
Wyo. Stat. §26-16-110 — what it says, and how the exam tests it
This section is cited by 3 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-16-110. Reinstatement of policies. (a) Unless the policy has been surrendered for its cash surrender value, or its cash surrender value has been exhausted, or the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years, or two (2) years in the case of industrial life insurance policies, from the date of premium default upon: (i) Written application therefor; (ii) The production of evidence of insurability satisfactory to the insurer; (iii) The payment of all premiums in arrears; (iv) The payment or reinstatement of any other indebtedness to the insurer upon the policy; and (v) The payment of interest at a rate not exceeding six percent (6%) per annum compounded annually on all payments required for reinstatement.
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, when reinstating a life insurance policy after premium default, interest on all payments required for reinstatement may NOT exceed what annual rate?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, what is the maximum interest rate that may be charged on all payments required for reinstatement of a lapsed life insurance policy?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, what is the reinstatement period from the date of premium default for an industrial life insurance policy?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →