Exams / Wyoming Life Insurance License / Wyo. Stat. §26-16-501
Wyo. Stat. §26-16-501 — 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
26-16-501. Incontestability and limitation of liability after reinstatement. (a) A reinstated life insurance policy or annuity contract may be contested because of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides for contestability after original issuance. (b) If any life insurance policy or annuity contract is reinstated, the reinstated policy or contract may exclude or restrict liability to the same extent that the liability could have been or was excluded or restricted when the policy or contract was originally issued. The exclusion or restriction is effective from the date of 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, a reinstated life insurance policy may exclude or restrict liability from what date?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only → - Under Wyoming law, a reinstated life insurance policy may be contested for fraud or misrepresentation of facts material to the reinstatement for what period following reinstatement?
drill Wyoming Statutes, Rules, and Regulations Pertinent to Life Insurance Only →