Exams / Wyoming Life Insurance License / Wyo. Stat. §26-16-121
Wyo. Stat. §26-16-121 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-16-121. Failure to pay premiums; notification. When an employer or trustee of a fund established or adopted by an employer, which employer or trustee is deemed the policyholder of the life insurance policy insuring the employer's employees for the benefit of persons other than the employer and where the employer or trustee routinely pays any part of the premium for the policy, if the employer or trustee fails to pay the routinely paid portion of the premium when required under the policy for any reason, the employer or trustee shall notify the employee or beneficiary, electronically or in writing, within thirty (30) days of the failure to pay. ARTICLE 2 - STANDARD NONFORFEITURE LAW
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.
- An employer who routinely pays part of the premium on a life insurance policy for employees fails to make a payment. Under Wyoming law, the employer must notify the employee or beneficiary within what time frame?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, when an employer who routinely pays premiums on a group life insurance policy fails to pay the required premium, within how many days must the employer notify the employee or beneficiary?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →