reglab/housing_qa huggingface dataset:
215 ILCS 5/224.05
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

Sec. 224.05. Military personnel in military service; no lapse of life insurance policy.(a) Except as provided in subsection (b), this Section shall apply to any individual life insurance policy insuring the life of a resident of Illinois who is a member of any component of the U.S. Armed Forces or the National Guard of any state, the District of Columbia, a commonwealth, or a territory of the United States who has entered any full-time training or duty which the service member was ordered to report by the President, Governor of a state, commonwealth, or territory of the United States, or other appropriate military authority, if the life insurance policy meets both of the following conditions:(1) The policy has been in force for at least 180     days.(2) The policy has been brought within the     "Servicemembers Civil Relief Act," 117 Stat. 2835 (2003), 50 U.S.C. App. 541 and following.(b) This Section does not apply to any policy that was cancelled or that had lapsed for the nonpayment of premiums prior to the commencement of the insured's period of military service.(c) An individual life insurance policy described in this Section shall not lapse or be forfeited for the nonpayment of premiums during the military service of a service member in excess of 29 consecutive days during the 2-year period subsequent to the end of the member's period of military service.(d) In order to be eligible for the benefits granted to service members under this Section, a service member must provide the life insurance company with a copy of the orders calling the service member to military service and of any orders further extending the service member's period of service.(e) This Section does not limit a life insurance company's enforcement of provisions in the insured's policy relating to naval or military service in time of war.(f) A violation of this Section constitutes a civil rights violation under the Illinois Human Rights Act.All proceeds from the collection of any civil penalty imposed under this subsection shall be deposited into the Illinois Military Family Relief Fund.  (Source: P.A. 97-913, eff. 1-1-13.)
215 ILCS 5/224.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 836.1)Sec. 224.1.     Employer insurable interest.     Notwithstanding any other  Section of this Code, an employer or an employer sponsored trust for the  benefit of its employees has an insurable interest in the lives of the  employer's directors, officers, managers, nonmanagement employees, and  retired employees and may insure those lives on an individual or group  basis with the consent of the insured.  The consent requirement will be  satisfied if the insured is provided written notice of the coverage and  does not reject such coverage within 30 days of receipt of such notice.  The  extent of the employer's or the trust's insurable interest for nonmanagement  and retired employees shall be limited to an amount commensurate with the  employer's projected unfunded liabilities to nonmanagement and retired  employees for welfare benefit plans, as defined by the Employee Retirement  Income Security Act of 1974, Public Law 93-406, 88 Stat. 829, calculated  according to accepted actuarial principles.  An insurable interest must exist  at the time the contract of life or disability insurance becomes effective, but  need not exist at the time the loss occurs.  An employer shall not retaliate in  any manner against an employee or a retired employee for refusing consent to be  insured.  The proceeds of any policy or certificate issued pursuant to this  Section are exempt from the claims of any creditor or dependent of the insured.   As used herein, "employer" means an individual, sole proprietorship,  partnership, firm, corporation, association, or any other legal entity that has  one or more employees and is legally doing business in this State.    (Source: P.A. 87-936.)
215 ILCS 5/225
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 837)Sec. 225.         Prohibited  Provisions for Life Policies.  (1) After the effective date of this Code no policy of life insurance  may be issued or delivered in this State if it includes any of the  following provisions:(a) A provision limiting the time within which any action may be commenced  to less than 3 years after the cause of action  accrues.(b) A provision by which the policy purports to be issued or take effect  more than 6 months before the original application for the insurance was  made, but this provision does not apply in any case of a transfer from one  form of policy to another in connection with which the policy owner  receives credit for any reserve accumulation under the form of policy from  which the transfer was made.(c) A provision for any mode of settlement at maturity after the  expiration of the contestable period of the policy of less value than the  amount insured plus dividend additions, if any,  less any indebtedness to the company on or secured by the policy, and less  any premium that may by the terms of the policy be deducted, except as  permitted by clause (c) of subsection (1) of Section 224.(d) A provision for forfeiture of the policy for failure to repay any  loan on the policy, or to pay interest on such loan, while the total  indebtedness on the policy, including interest, is less than the loan value  thereof.(e) A provision to the effect that the agent soliciting the insurance is  the agent of the person insured under the policy, or making the acts or  representations of such agent binding upon the person so insured under the  policy.(f) A provision limiting the amount payable under a policy by reason of  death occurring after the expiration of the contestable period to less than  the face amount thereof on account of the kind or character of disease  causing the insured's death.(2) The provisions of this section do not apply to policies of  reinsurance, nor to policies issued or granted under the nonforfeiture  provisions prescribed in clause (g) of subsection (1) of Section 224.    (Source: P.A. 83-345.)
215 ILCS 5/226.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 838.1)Sec. 226.1.     Entitled annuity payment options.     Annuity contracts and  funding agreements may be  issued without a life contingency annuity payment option in the following  circumstances: (1) to fund benefits under an employee benefit plan as  defined in the Employee Retirement Income Security Act of 1974, as now or  hereafter amended; (2) to fund the activities of an organization exempt  from taxation under Internal Revenue Code Section 501(c), as now or  hereafter amended; (3) to fund a program of a governmental entity or of an  agency or instrumentality thereof; (4) to fund an agreement providing for  periodic payments entered into in satisfaction of a claim; or (5) to fund a  program of an institution having assets in excess of $25,000,000.    (Source: P.A. 92-875, eff. 1-3-03.)
215 ILCS 5/227
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 839)Sec. 227.         Standard  provisions for reversionary or survivorship annuity contracts.(1) After the effective date of this Code no contract for a reversionary  annuity or survivorship annuity shall be issued or delivered in this State  unless it contains in substance the following provisions:(a) The provisions of clauses (a), (b), (c), (d) and (e) of subsection  (1) of section 226, except that under said clause (a) the company may at  its option provide for an equitable reduction of the amount of the annuity  payments in settlement of an overdue or deferred payment in lieu of  providing for a deduction of such payments from an amount payable upon a  settlement under the contract.(b) A provision that the contract may be reinstated at any time within  three years from the date of default in making stipulated payments to the  company, upon production of evidence of insurability satisfactory to the  company, provided that all overdue payments and any indebtedness to the  company on account of the contract shall be paid or reinstated with  interest thereon at a rate to be specified in the contract but not  exceeding six per centum per annum payable annually.(2) Any of the foregoing provisions or portions thereof contained in  this section and in section 226 not applicable to non-participating  contracts nor to contracts for which a single stipulated payment to the  company is made, shall, to that extent, not be incorporated therein.(3) The provisions of this section and section 226 shall not apply to  contracts of re-insurance nor to contracts for deferred annuities or  reversionary annuities included in life insurance policies.    (Source: Laws 1937, p. 696.)
215 ILCS 5/228
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 840)Sec. 228.         Industrial  Life Insurance Defined.  As used in this Code "industrial life insurance" means either that form  of life insurance under which the premiums are payable monthly or more often if the face  amount of insurance provided in the policy does not exceed $2,500 and the  words "industrial policy" are printed in prominent type on the face of the  policy. Any life company authorized to do business in this State may issue  industrial policies.    (Source: P.A. 82-498.)
215 ILCS 5/229.3
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 841.3)Sec. 229.3.      Loan provisions in policies.         In the case of those policies issued prior to the operative date of  Section 229.2 (the Standard Non-forfeiture Law) the loan value referred  to in clause (f) of section 224 shall be the reserve at the end of the  current policy year on the policy and on the dividend additions thereto, if  any, exclusive of the reserve on account of total and permanent disability  and additional accidental death benefits, less a specified maximum  percentage (not more than two and one-half) of the amount insured by the  policy and of any dividend additions thereto (the policy to specify the  mortality table, rate of interest and method of valuation adopted for  computing such reserve), the exact percentage to be specified for each year  for which required values are not included in the policy. The policy may  also provide that such loan may be deferred for not exceeding six months  after the application therefor is made.(2) In the case of policies issued on or after the operative date of  Section 229.2 (the Standard Non-forfeiture Law) the loan value referred to  in clause (f) of section 224 shall be the cash surrender value at the end  of the current policy year as required by section 229.2. The company shall  reserve the right to defer such loan, except when made to pay premiums, for  six months after application therefor is made.    (Source: Laws 1943, vol. 1, p. 824.)
215 ILCS 5/229.4
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 841.4)Sec. 229.4. (Repealed).(Source: P.A. 93-873, eff. 8-6-04. Repealed internally, eff. 7-1-06.)
215 ILCS 5/230.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 842.2)Sec. 230.2.     Limits of Group Life Insurance.     Group life insurance offered  to a resident of this State under a group life insurance policy issued to  a group other than one described in Section 230.1 shall be subject to the  following requirements:(A) No such group life insurance policy shall be delivered in this State  unless the Director finds that:(1) The issuance of such group policy is not contrary to the best interest  of the public;(2) The issuance of the group policy would be actuarially sound;(3) The issuance of the group policy would result in economies of acquisition  or administration; and(4) The benefits are reasonable in relation to the premiums charged.(B) No such group life insurance coverage may be offered in this State  by an insurer under a policy issued in another State unless this State or  another State having requirements substantially similar to those contained  in subsection (A) of this Section has made a determination that such requirements  have been met.(C) The premium for the policy shall be paid either from the policyholder's  funds or from funds contributed by the covered persons, or from both.(D) An insurer may exclude or limit coverage on any person as to whom  evidence of individual insurability is not satisfactory to the insurer.    (Source: P.A. 83-598.)
215 ILCS 5/230.3
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 842.3)Sec. 230.3.     Dependent Group Life Insurance.     Except for a policy issued  under subsection (B) of Section 230.1, a group life insurance policy may  be extended to insure the employees or members against loss due to the death  of their spouses and dependent children, or any class or classes thereof,  subject to the following:(A) The premium for the insurance shall be paid either from funds  contributed by the employer, union, association, or other person to whom the  policy has been issued, or from funds contributed by the covered persons, or  from both. Except as provided in subsection (B) of this Section, a policy on  which no part of the premium for the spouse's and dependent child's coverage is  to be derived from funds contributed by the covered persons must insure all  eligible employees or members with respect to their spouses and dependent  children, or any class or classes thereof.(B) An insurer may exclude or limit the coverage on any spouse or dependent  child as to whom evidence of individual insurability is not satisfactory to the  insurer.(C) The amount of insurance for any covered spouse or dependent child under  the policy may not exceed 100% of the amount of insurance for which the  employee or member is insured.    (Source: P.A. 88-400.)
215 ILCS 5/232
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 844)Sec. 232.         Extension  of time and modification of standard provisions.(1) Any company authorized to transact business in this State on the  effective date of this Code may continue to issue policies and contracts of  the kind or kinds it was permitted to issue immediately prior to such  effective date, until December 31, 1937.(2) Policies and contracts may be issued and delivered in this State  which contain provisions more favorable to the holders of such policies or  contracts than the standard provisions required by this article. No  domestic company and holder of a policy or contract shall after the  effective date of this Code enter into any agreement to waive or modify in  whole or in part a standard provision required by this Code or any prior  law of this State, for the benefit of such holder, unless the agreement be  approved by a court in a proceeding under Article XIII.    (Source: Laws 1937, p. 696.)
215 ILCS 5/233
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 845)Sec. 233.     Participating and non-participating policies.After the calendar year during which this Code becomes effective, no  life company authorized to do business in this State shall issue both  participating and non-participating policies unless at least ninety per  centum of the profits on its participating policies shall inure to the  benefit of the participating policyholders. Any company having in force  both participating and non-participating policies shall keep a separate  accounting for each class of business and shall make and include in the  annual statement to be filed with the Director each year a separate  statement showing the gains, losses and expenses properly attributable to  each of such classes and also showing the manner in which any general  outlay of expense of the company has been apportioned to each except that  this provision shall not apply to any company in which ninety per centum or  more of the business in force is either participating or non-participating.  This section shall not apply to business done by such life company outside  this state, nor to paid-up, or temporary insurance or pure endowment  benefits issued or granted pursuant to the non-forfeiture provision  prescribed in clause (g) of sub-section (1) of Section 224 nor to  annuities or policies of reinsurance.    (Source: Laws 1957, p. 607.)
215 ILCS 5/234
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 846)Sec. 234.         Notice of  premium required.(1) No life company doing business in this  State shall declare any  policy forfeited or lapsed within six months after default in payment of  any premium installment or interest or any portion thereof, nor shall any  such policy be forfeited or lapsed by reason of nonpayment when due of any  premium, installment or interest, or any portion thereof, required by the  terms of the policy to be paid, within six months from the default in  payment of such premium, installment or interest, unless a written or  printed notice stating the amount of such premium, installment, interest or  portion thereof due on such policy, the place where it shall be paid and  the person to whom the same is payable, shall have been duly addressed and  mailed with the required postage affixed, to the person whose life is  insured, or the assignee of the policy, (if notice of the assignment has  been given to the company) at his last known post office address, at least  fifteen days and not more than forty-five days prior to the day when the  same is due and payable, before the beginning of the period of grace,  except that in any case in which a parent insures the life of his minor  child, the company may send notice of premium due to the parent. Such  notice shall also state that unless such premium or other sums due shall be  paid to the company or its agents the policy and all payments thereon will  become forfeited and void, except as to the right to a surrender value or  paid-up policy as provided for by the policy. The affidavit of any officer,  clerk or agent of the company or of any one authorized to mail such notice  that the notice required by this section bearing the required postage has  been duly addressed and mailed shall be presumptive evidence that such  notice has been duly given.(2) This section shall not apply to cancellable accident and health  policies which are renewable at the option of the company nor shall it  apply to group policies, industrial life policies, or to any policies upon  which premiums are payable monthly or at shorter intervals.    (Source: Laws 1961, p. 3852.)
215 ILCS 5/234.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 846.1)Sec. 234.1.         (Notice of the Enactment of a Non-Forfeiture Option.)  No life  company doing business in this State may enact a non-forfeiture option,  unless a notice is given to the policyowner which explains this action and  refers the policyowner to the other available options, if any, under the  provisions of the policy.  Evidence of this notice shall be maintained by the insurer.    (Source: P.A. 80-566.)
215 ILCS 5/235
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 847)Sec. 235.         Extension  of time for payment of life premium.A life company may enter into subsequent agreements in writing with the  insured, which need not be attached to the policy, to extend the time for  the payment of any premium or part thereof, upon condition that failure to  comply with the terms of such agreement shall cause the policy to lapse as  provided in said agreement or in the policy. Subject to such lien as may be  created to secure any indebtedness contracted by the insured in  consideration of the extension, such agreement shall not impair any right  existing under the policy.    (Source: Laws 1937, p. 696.)
215 ILCS 5/235.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

Sec. 235.1. Notice of cancellation; secondary addressee.(a)   A life company issuing an individual life insurance contract on or after January 1, 2022 shall notify an applicant, in writing on a form prescribed by the company at the time of application for the policy, of the applicant's right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium.  The applicant may make such designation at the time of application for such policy or at any time such policy is in force by submitting a written notice to the insurer containing the name and address of the secondary addressee.(b)   The insurer's transmission to a secondary addressee of a copy of a notice of cancellation based on nonpayment of premium shall be in addition to the transmission of the original document to the policyholder.  The copy of the notice of cancellation transmitted to the secondary addressee shall be made in the same manner and form required for the transmission of the notice to the policyholder.(c)   The designation of a secondary addressee shall not constitute acceptance of any liability on the part of the secondary addressee or insurer for services provided to the policyholder.(d)   This Section does not apply to any individual life insurance contract under which premiums are payable monthly or more frequently and are regularly collected by a licensed agent or are paid by credit card or any preauthorized check processing or automatic debit service of a financial institution.(e)   Nothing in this Section shall prohibit an applicant or policyholder from designating a life insurance agent of record as his or her secondary addressee.  (Source: P.A. 102-542, eff. 1-1-22.)