58-17-15 Time limit on certain defenses--Application of section.
Time limit on certain defenses--Application of section.
There shall be a provision
as follows: "Time limit on certain defenses: (1) After two years from the date of issue of this policy
no misstatements, except fraudulent misstatements, made by the applicant in the application for such
policy shall be used to void the policy or to deny a claim for loss incurred or disability, as defined
in the policy, commencing after the expiration of such two-year period."
The foregoing policy provision may not be construed to affect any legal requirement for
avoidance of a policy or denial of a claim during such initial two-year period, nor to limit the
application of §§ 58-17-32 to 58-17-39, inclusive, in the event of misstatement with respect to age
or occupation or other insurance. This section only applies to excepted benefits. This section does
not apply to any long-term care insurance policy or certificate. (SL 2011, ch 216, § 19 provides: "The
provisions of this Act are repealed if the Patient Protection and Affordable Care Act, Pub. L. No.
111-148, 124 Stat. 119 (2010), as amended by the Health Care and Education Reconciliation Act of
2010, Pub. L. No. 111-152, 124 Stat. 1029 (2010) is found to be unconstitutional in its entirety by
a final decision of a federal court of competent jurisdiction and all appeals exhausted or time for
Source: SL 1966, ch 111, ch 25, § 5; SL 2011, ch 216, § 4.