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2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2708. Consent of insured; life, health insurance.

§ 2708. Consent of insured; life, health insurance.
No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or effectuated unless at the time of the making of the contract the individual insured, being of competent legal capacity to contract, applies therefor or has consented thereto in writing, except in the following cases:
(1) A spouse may effectuate such insurance upon the other spouse;
(2) Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance may effectuate insurance upon the life of or pertaining to such minor;
(3) Family policies may be issued insuring any 2 or more members of a family on an application signed by either parent, a stepparent or by a husband or wife;
(4) An employer, or the trustee of a trust described in § 2704(c)(3) of this title, may effectuate insurance under an employer-owned life insurance policy, as defined in § 2704(e) of this title, upon any employee in whom it has an insurable interest, and the employer or trustee, as the case may be, shall not be required to notify employees of the effectuation of such insurance or obtain their consent. The insurer and any investment sub-advisors shall use best efforts to direct securities transactions relating to such employer-owned variable life insurance policies utilizing separate accounts, through a securities agent licensed and located in this State, as opposed to a securities agent licensed and located in another state, unless a better price for the identical security (securities) is available through the securities agent located in that other state.
18 Del. C. 1953, §  2708;  56 Del. Laws, c. 380, §  1;  67 Del. Laws, c. 161, §  3;  69 Del. Laws, c. 232, §§  1, 2;  69 Del. Laws, c. 462, §  4;  71 Del. Laws, c. 239, §  3;  80 Del. Laws, c. 376, § 4;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2709. Alteration of application, life and health insurance.

§ 2709. Alteration of application, life and health insurance.
No alteration of any written application for any life or health insurance policy shall be made by any person other than the applicant without his or her written consent, except that insertions may be made by the insurer, for administrative purposes only, in such manner as to indicate clearly that such insertions are not to be ascribed to the applicant.
18 Del. C. 1953, §  2709;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2710. Application as evidence.

§ 2710. Application as evidence.
(a) No application for the issuance of any life or health insurance policy or annuity contract shall be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application was attached to or otherwise made a part of the policy or contract when issued. This provision shall not apply to industrial life insurance policies.
(b) If any policy of life or health insurance delivered in this State is reinstated or renewed and the insured or the beneficiary or assignee of the policy makes written request to the insurer for a copy of the application, if any, for such reinstatement or renewal, the insurer shall, within 30 days after receipt of such request at its home office, deliver or mail to the person making such request a copy of such application reproduced by any legible means. If such copy is not so delivered or mailed after having been so requested, the insurer shall be precluded from introducing the application in evidence in any action or proceeding based upon or involving the policy or its reinstatement or renewal. In the case of such a request from a beneficiary, the time within which the insurer is required to furnish a copy of such application shall not begin to run until after receipt of evidence satisfactory to the insurer of the beneficiary's vested interest in the policy or contract.
(c) As to kinds of insurance other than life or health insurance, no application for insurance signed by or on behalf of the insured shall be admissible in evidence in any action between the insured and the insurer arising out of the policy so applied for, if the insurer has failed, at the expiration of 30 days after receipt by the insurer of written demand therefor by or on behalf of the insured, to furnish to the insured a copy of such application reproduced by any legible means.
18 Del. C. 1953, §  2710;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2711. Representations in applications.

§ 2711. Representations in applications.
All statements and descriptions in any application for an insurance policy or annuity contract by or in behalf of the insured or annuitant shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements shall not prevent a recovery under the policy or contract unless either:
(1) Fraudulent; or
(2) Material either to the acceptance of the risk or to the hazard assumed by the insurer; or
(3) The insurer in good faith would either not have issued the policy or contract, or would not have issued it at the same premium rate or would not have issued a policy or contract in as large an amount or would not have provided coverage with respect to the hazard resulting in the loss if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise.
18 Del. C. 1953, §  2711;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2713. Grounds for disapproval.

§ 2713. Grounds for disapproval.
The Commissioner shall disapprove any form filed under § 2712 of this title, or withdraw any previous effectiveness thereof, only on 1 or more of the following grounds:
(1) If it is in any respect in violation of or does not comply with this title.
(2) If it contains or incorporates by reference, where such incorporation is otherwise permissible, any inconsistent, ambiguous, or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract.
(3) If it has any title, heading or other indication of its provisions which is misleading.
(4) If the benefits provided therein are unreasonable in relation to the premium charged, or if it contains any unjust, unfair or inequitable provision or provisions.
(5) If it contains a provision or provisions such as to encourage misrepresentation.
18 Del. C. 1953, §  2713;  56 Del. Laws, c. 380, §  1;  83 Del. Laws, c. 318, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2714. Standard provisions.

§ 2714. Standard provisions.
(a) Insurance contracts shall contain such standard or uniform provisions as are required by the applicable provisions of this title pertaining to contracts of particular kinds of insurance. The Commissioner may waive the required use of a particular provision in a particular insurance policy form if:
(1) He or she finds such provision unnecessary for or unrelated to the protection of the insured and inconsistent with the purposes of the policy; and
(2) The policy is otherwise approved by him or her.
(b) No policy shall contain any provision inconsistent with or contradictory to any standard or uniform provision used or required to be used, but the Commissioner may approve any substitute provision which is, in his or her opinion, not less favorable in any particular to the insured or beneficiary than the provisions otherwise required.
(c) In lieu of the provisions required by this title for contracts for particular kinds of insurance, substantially similar provisions required by the law of the domicile of a foreign or alien insurer may be used when approved by the Commissioner.
(d) A policy issued by a domestic insurer for delivery in another jurisdiction may contain any provision required or permitted by the laws of such jurisdiction.
18 Del. C. 1953, §  2714;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2715. Charter or bylaw provisions.

§ 2715. Charter or bylaw provisions.
No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer (other than the subscriber's agreement or power of attorney of a reciprocal insurer) a part of the contract unless such portion is set forth in full in the policy. Any policy provision in violation of this section shall be invalid.
18 Del. C. 1953, §  2715;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2716. Execution of policies.

§ 2716. Execution of policies.
(a) Every insurance policy shall be executed in the name of and on behalf of the insurer by its officer, attorney-in-fact, employee or representative duly authorized by the insurer.
(b) A facsimile signature of any such executing individual may be used in lieu of an original signature.
(c) No insurance contract heretofore or hereafter issued and which is otherwise valid shall be rendered invalid by reason of the apparent execution thereof on behalf of the insurer by the imprinted facsimile signature of an individual not authorized so to execute as of the date of the policy.
18 Del. C. 1953, §  2716;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2717. Underwriters' and combination policies.

§ 2717. Underwriters' and combination policies.
(a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters' policy bearing their names. Any 1 insurer may issue policies in the name of an underwriter's department and such policy shall plainly show the true name of the insurer.
(b) Two or more insurers may, with the approval of the Commissioner, issue a combination policy which shall contain provisions substantially as follows:
(1) That the insurers executing the policy shall be severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance under the policy; and
(2) That service of process, or of any notice or proof of loss required by such policy, upon any of the insurers executing the policy shall constitute service upon all such insurers.
(c) This section shall not apply to cosurety obligations.
18 Del. C. 1953, §  2717;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2718. Validity and construction of noncomplying forms.

§ 2718. Validity and construction of noncomplying forms.
(a) A policy hereafter delivered or issued for delivery to any person in this State in violation of this title but otherwise binding on the insurer shall be held valid, but shall be construed as provided in this title.
(b) Any condition, omission or provision not in compliance with the requirements of this title and contained in any policy, rider or endorsement hereafter issued and otherwise valid shall not thereby be rendered invalid but shall be construed and applied in accordance with such condition, omission or provision as would have applied had the same been in full compliance with this title.
18 Del. C. 1953, §  2718;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2719. Delivery of policy.

§ 2719. Delivery of policy.
In event the original policy is delivered or is so required to be delivered to or for deposit with any vendor, mortgagee or pledgee of any motor vehicle, and in which policy any interest of the vendee, mortgagor or pledgor in or with reference to such vehicle is insured, a duplicate of such policy setting forth the name and address of the insurer, insurance classification of vehicle, type of coverage, limits of liability, premiums for the respective coverages and duration of the policy, or memorandum thereof containing the same such information, shall be delivered by the vendor, mortgagee or pledgee to each such vendee, mortgagor or pledgor named in the policy or coming within the group of persons designated in the policy to be so included. If the policy does not provide coverage of legal liability for injury to persons or damage to the property of third parties, a statement of such fact shall be printed, written or stamped conspicuously on the face of such duplicate policy or memorandum. This section does not apply to inland marine floater policies.
18 Del. C. 1953, §  2719;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2720. Assignability.

§ 2720. Assignability.
(a) A policy and its rights and benefits may be assignable or not assignable, as provided by its terms.
(b) Subject to its terms relating to assignability, a life or health insurance policy and its rights and benefits, whether heretofore or hereafter issued, under the terms of which the beneficiary may be changed upon the sole request of the insured or owner, may be assigned either by pledge or transfer of title by an assignment executed by the insured or owner alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer.
(c) Subject to its terms relating to assignability, a property insurance policy, whether heretofore or hereafter issued, under the terms of which the policy and its rights and benefits are assignable, may provide that the rights and benefits under the insurance policy may only be assigned to a person who has the legal authority to represent the named insured and may explicitly prohibit assignment of rights and benefits to any other person, including a property repair contractor. For purposes of this subsection, having “legal authority to represent the named insured” includes the person named by the named insured as having the named insured's power of attorney, the person who is the named insured's licensed public adjuster, or any other comparable person. Property repair contractors operating in this State may not subvert the public adjuster licensing requirements in § 1751 of this title through the acquisition of a power of attorney from the named insured.
(d) Any assignment pursuant to subsection (b) or (c) of this section shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy or its rights and benefits in accordance with the terms of the assignment until the insurer has received at its home office written notice of termination of the assignment or pledge or written notice by or on behalf of some other person claiming some interest in the policy or its rights and benefits in conflict with the assignment.
18 Del. C. 1953, §  2720;  56 Del. Laws, c. 380, §  1;  83 Del. Laws, c. 93, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2721. Payment discharges insurer.

§ 2721. Payment discharges insurer.
Whenever the proceeds of or payments under a life or health insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance therewith or in accordance with any written assignment thereof, the person then designated as being entitled thereto shall be entitled to receive such proceeds or payments and to give full acquittance therefor and such payments shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.
18 Del. C. 1953, §  2721;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2722. Forms for proof of loss to be furnished.

§ 2722. Forms for proof of loss to be furnished.
An insurer shall furnish, upon written request of any person claiming to have a loss under an insurance contract issued by such insurer, forms of proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to furnish forms, have any responsibility for or with reference to the completion of such proof or the manner of any such completion or attempted completion.
18 Del. C. 1953, §  2722;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2724. Claims administration not waiver.

§ 2724. Claims administration not waiver.
Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder:
(1) Acknowledgment of the receipt of notice of loss or claim under the policy;
(2) Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of any such forms or proofs completed or uncompleted;
(3) Investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim.
18 Del. C. 1953, §  2724;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2726. Exemption of proceeds, health insurance.

§ 2726. Exemption of proceeds, health insurance.
Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all contracts of health insurance and of provisions providing benefits on account of the insured's disability which are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt of the insured and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use.
18 Del. C. 1953, §  2726;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2727. Exemption of proceeds—Group insurance.

§ 2727. Exemption of proceeds—Group insurance.
(a) A policy of group life insurance or group health insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of such insured individual or his or her beneficiary or of any other person having a right under the policy.
(b) This section shall not apply to group insurance issued pursuant to this title to a creditor covering his or her debtors to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
18 Del. C. 1953, §  2727;  56 Del. Laws, c. 380, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2729. Retention of proceeds of policy by company.

§ 2729. Retention of proceeds of policy by company.
(a) Any life insurer shall have power to hold payment of proceeds, as shall have been agreed to in writing by the insurer and the insured or beneficiary. The insurer shall not be required to segregate funds so held but may hold them as a part of its general corporate assets.
(b) The provisions of this section shall not impair or affect any rights of creditors under §§ 2725-2728 of this title.
18 Del. C. 1953, §  2729;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter I. Insurance Contracts Generally › § 2730. Collection of overpayments by health insurers and health plans.

§ 2730. Collection of overpayments by health insurers and health plans.
(a) Other than recovery for duplicate payments, a health insurer or health plan, whenever it engages in overpayment recovery efforts, shall provide written notice to the health-care provider that identifies the error made in the processing or payment of the claim and justifies the overpayment recovery.
(b) A health insurer or health plan shall provide a health-care provider with the opportunity to challenge an overpayment recovery, including the sharing of claims information, and shall establish written policies and procedures for health-care providers to follow to challenge an overpayment recovery.
(c) A health insurer or health plan shall not initiate overpayment recovery efforts more than 24 months after the original payment for the claim was made. No such time limit shall apply to overpayment recovery efforts which are:
(1) Based on a reasonable belief of fraud, abuse, or other intentional misconduct;
(2) Required by, or initiated at the request of, a self-insured plan; or
(3) Required by a state or federal government plan.
(d) Nothing in this section shall be deemed to limit a health insurer's or health plan's right to pursue recovery of overpayments that occurred prior to June 14, 2018, where the health insurer or health plan has provided the health-care provider with notice of such recovery efforts prior to June 14, 2018.
(e) For purposes of this section “health insurer” shall mean any entity or plan that provides health insurance in this State. Such terms shall include an insurance company, health service corporation, managed care organization, health maintenance organization, and any other entity providing a plan of health insurance or health benefits subject to state insurance regulation. “Health insurer” shall also include any third-party administrator or other entity that adjusts, administers or settles claims in connection with health benefit plans.
(f) For purposes of this section, “health plan” shall mean any hospital or medical policy or certificate, major-medical expense insurance, health service corporation subscriber contract, health maintenance organization subscriber contract, managed care organization subscriber contract, dental or vision plan. “Health plan” does not include accident-only, credit, Medicaid plans, long-term care or disability income insurance, coverage issued as a supplement to liability insurance, workers' compensation or similar insurance or automobile medical payment insurance.
(g) Waiver prohibited. —
The provisions of this section cannot be waived by contract. Any contractual arrangement in conflict with the provisions of this section or that purports to waive any requirements of this section is null and void.
81 Del. Laws, c. 216, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter II. Readability of Automobile Insurance Policy Forms › § 2740. Statement of policy.

§ 2740. Statement of policy.
It is the purpose of this subchapter to encourage the Commissioner to promulgate regulations by October 15, 1976, which assure that automobile insurance policies issued in Delaware, after the effective date of said regulations, will be understandable and readable by a person of average intelligence and education; or, in the event of the failure of the Commissioner to promulgate such regulations by October 15, 1976, to establish certain basic minimum readability requirements for automobile insurance policy forms. Accordingly, it is intended that subchapter III of this chapter shall become effective only upon the failure of the Commissioner to promulgate such regulations by October 15, 1976.
60 Del. Laws, c. 441, §  2;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 27. THE INSURANCE CONTRACT › Subchapter II. Readability of Automobile Insurance Policy Forms › § 2741. Commissioner's authority to promulgate readability rules and regulations.

§ 2741. Commissioner's authority to promulgate readability rules and regulations.
(a) In addition to those general powers granted in § 314 of this title, the Commissioner is hereby authorized and empowered to make rules and regulations to the extent the Commissioner deems necessary to assure that automobile insurance policy forms as described in § 2742 of this title [expired] are readable and understandable by a person of average intelligence and education; provided, however, that such rules and regulations shall require, in the manner the Commissioner deems appropriate, that all such automobile insurance policy forms shall have a total “readability score” of 40 or more on the Flesch Scale, although forms with a Flesch Test Score of less than 40 may be approved where the length of sentences and words are sufficiently compensated for by compliance with other standards set forth in such rules and regulations.
(b) The Commissioner shall adopt and promulgate readability rules and regulations only after a hearing thereon of which notice has been given to all persons subject to the Commissioner's supervision under this title who are to be affected by the proposed rule or regulation. Any readability rules and regulations so adopted and promulgated shall be effective upon the date specified therein.
60 Del. Laws, c. 441, §  2;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2901. Scope of chapter.

§ 2901. Scope of chapter.
This chapter, except as to § 2932 of this title, applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.
18 Del. C. 1953, §  2901;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2902. “Annuity” defined.

§ 2902. “Annuity” defined.
For this title an “annuity” is a contract, issued by a person which is not classified by the Internal Revenue Service as exempt from taxation under § 501(c)(3) of the Internal Revenue Code of 1954 [26 U.S.C. § 501(c)(3)], as subsequently amended, under which obligations are assumed as to periodic payments for specific term or terms or where the making or continuance of all or some such payments, or the amount of any such payment, is dependent upon continuance of human life. Such a contract which includes extra benefits of kinds set forth in §§ 902 (“life insurance” defined) and 903 (“health insurance” defined) of this title shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract.
18 Del. C. 1953, §  2902;  56 Del. Laws, c. 380, §  1;  64 Del. Laws, c. 155, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2903. “Industrial life insurance” defined.

§ 2903. “Industrial life insurance” defined.
For the purposes of this title “industrial life insurance” is that form of life insurance written under policies of face amount of $1,000 or less bearing the words “industrial policy” imprinted on the face thereof as part of the descriptive matter and under which premiums are payable monthly or more often.
18 Del. C. 1953, §  2903;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2904. Standard provisions required.

§ 2904. Standard provisions required.
(a) No policy of life insurance, other than pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this State unless it contains in substance all of the applicable provisions required by §§ 2905-2916, inclusive, of this title. This section shall not apply to annuity contracts nor to any provision of a life insurance policy, or contract supplemental thereto, relating to disability benefits or to additional benefits in the event of death by accident or accidental means.
(b) Any of such provisions or portions thereof not applicable to single premium or nonparticipating or term policies or insurance granted in exchange for lapsed or surrendered policies shall to that extent not be incorporated therein.
18 Del. C. 1953, §  2904;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2905. Payment of premiums.

§ 2905. Payment of premiums.
There shall be a provision relating to the time and place of payment of premiums.
18 Del. C. 1953, §  2905;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2906. Grace period.

§ 2906. Grace period.
There shall be a provision that a grace period of 30 days or, at the option of the insurer, of 1 month of not less than 30 days, or of 4 weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force. The insurer may impose an interest charge not in excess of 6% per annum for the number of days of grace elapsing before the payment of the premium, and, whether or not such interest charge is imposed, if a claim arises under the policy during such period of grace, the amount of any premium due or overdue, together with interest and any deferred installment of the annual premium, may be deducted from the policy proceeds. Grace shall date from the premium due date specified in the policy.
18 Del. C. 1953, §  2906;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2907. Entire contract.

§ 2907. Entire contract.
There shall be a provision that except as otherwise expressly provided by law, the policy and the application therefor, if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties and that all statements contained in the application shall, in the absence of fraud, be deemed representations and not warranties.
18 Del. C. 1953, §  2907;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2908. Incontestability.

§ 2908. Incontestability.
There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than 2 years after its date of issue, except for:
(1) Nonpayment of premiums; and
(2) At the insurer's option, provisions relating to benefits in the event of total and permanent disability and provisions granting additional benefits specifically against death by accident or accidental means.
18 Del. C. 1953, §  2908;  56 Del. Laws, c. 380.;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2909. Misstatement of age.

§ 2909. Misstatement of age.
There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium or benefit has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages.
18 Del. C. 1953, §  2909;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2910. Dividends.

§ 2910. Dividends.
(a) There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy, provided the policy is in force and all premiums to that date are paid. Except as hereinafter provided, any dividends becoming payable shall at the option of the party entitled to elect such option be either:
(1) Payable in cash; or
(2) Applied to any one of such other dividend options as may be provided by the policy. If any such other dividend options are provided, the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than 30 days following the date on which such dividend is due and payable. The annually apportioned dividend shall be deemed to be payable in cash within the meaning of paragraph (a)(1) of this section above even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed 6 years from the date of apportionment and that interest will be added to such dividend at a specified rate.
(b) Renewable term policies of 10 years or less may provide that the surplus accrued to such policies shall be determined and apportioned each year after the second policy year and accumulated during each renewal period and that at the end of the renewal period, on renewal of the policy by the insured, the insurer shall apply the accumulated surplus as an annuity for the next succeeding renewal term in the reduction of premiums.
(c) In participating industrial life insurance policies, in lieu of the provision required in subsection (a) of this section above, there shall be a provision that, beginning not later than the end of the fifth policy year, the policy shall participate annually in the divisible surplus, if any, in the manner set forth in the policy.
(d) This section does not apply to insurance issued under nonforfeiture provisions of lapsed or surrendered policies.
18 Del. C. 1953, §  2910;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2912. Table of installments.

§ 2912. Table of installments.
In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.
18 Del. C. 1953, §  2912;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2913. Reinstatement.

§ 2913. Reinstatement.
There shall be a provision that unless:
(1) The policy has been surrendered for its cash surrender value;
(2) Its cash surrender value has been exhausted; or
(3) The paid-up term insurance, if any, has expired;
the policy will be reinstated at any time within 3 years (or 2 years in the case of industrial life insurance policies) from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding 6% per annum compounded annually, and the payment or reinstatement of any indebtedness to the insurer upon the policy with interest as provided in § 2911 of this title.
18 Del. C. 1953, §  2913;  56 Del. Laws, c. 380, §  1;  63 Del. Laws, c. 399, §  2;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2914. Payment of claims.

§ 2914. Payment of claims.
(a) There shall be a provision that when the benefits under the policy become payable by reason of the death of the insured, settlement must be made upon receipt of due proof of death, which may consist of a certified copy of the insured's death certificate or other lawful evidence providing equivalent information, and, at the insurer's option, surrender of the policy or proof of the interest of the claimant. If an insurer specifies a particular period before the expiration of which settlement must be made, the period may not exceed 30 days from the receipt of such proofs.
(b) There shall be a provision for the payment of interest on the death benefit under the policy as follows:
(1) Interest accrues and is payable from the date of the initial filing of the death benefits claim, which includes due proof of death.
(2) Interest accrues at the rate applicable to the policy for funds left on deposit or, if the insurer has not established a rate for funds left on deposit, at the 2 year Treasury Constant Maturity Rate as published by the Federal Reserve. In determining the effective annual rate, the insurer shall use the rate in effect on the date of the filing of the initial death benefits claim.
(c) Interest accrues at the effective annual rate determined in subsection (b) of this section, plus additional interest at a rate of 10% annually beginning with the date that is 31 calendar days from the latest of paragraphs (c)(1), (2), and (3) of this section to the date the claim is paid, where it is all of the following:
(1) The date that due proof of death is received by the insurer.
(2) The date the insurer receives sufficient information to determine its liability, the extent of the liability, and the appropriate payee legally entitled to the proceeds.
(3) The date that legal impediments to payments of proceeds that depend on the action of parties other than the insurer are resolved and sufficient evidence of the same is provided to the insurer. For purposes of this paragraph (c)(3), “legal impediments to payments” include the establishment of guardianships and conservatorships; appointments and qualification of trustees, executors, and administrators; and the submission of information required to satisfy state and federal reporting requirements.
18 Del. C. 1953, §  2914;  56 Del. Laws, c. 380, §  1;  82 Del. Laws, c. 114, § 1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2915. Beneficiary, industrial policies.

§ 2915. Beneficiary, industrial policies.
An industrial life insurance policy shall have the name of the beneficiary designated thereon or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the issuance of the policy, unless such beneficiary be irrevocably designated. The policy may also provide that no designation or change of beneficiary shall be binding on the insurer until endorsed on the policy by the insurer and that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured. The policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than 30 days after the death of the insured, or if the beneficiary is the estate of the insured, or is a minor, or dies before the insured, or is not legally competent to give a valid release, then the insurer may make any payment thereunder to the executor or administrator of the insured, or to any relative of the insured by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto by reason of having been named beneficiary, or by reason of having incurred expense for the maintenance, medical attention or burial of the insured. The policy may also include a similar provision applicable to any other payment due under the policy.
18 Del. C. 1953, §  2915;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2917. Excluded or restricted coverage.

§ 2917. Excluded or restricted coverage.
A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause.
18 Del. C. 1953, §  2917;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2918. Standard provisions; annuity and pure endowment contracts.

§ 2918. Standard provisions; annuity and pure endowment contracts.
(a) No annuity or pure endowment contract, other than reversionary annuities (also called survivorship annuities) or group annuities and except as stated herein, shall be delivered or issued for delivery in this State unless it contains in substance each of the provisions specified in §§ 2919-2924, inclusive, of this title. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
(b) This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
18 Del. C. 1953, §  2918;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2919. Grace period; annuities.

§ 2919. Grace period; annuities.
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of 1 month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding 6% per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force, but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
18 Del. C. 1953, §  2919;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2920. Incontestability; annuities.

§ 2920. Incontestability; annuities.
If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to § 2922 of this title, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of 2 years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means.
18 Del. C. 1953, §  2920;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2921. Entire contract; annuities.

§ 2921. Entire contract; annuities.
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.
18 Del. C. 1953, §  2921;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2922. Misstatement of age or sex; annuities.

§ 2922. Misstatement of age or sex; annuities.
In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof with interest at the rate to be specified in the contract but not exceeding 6% per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.
18 Del. C. 1953, §  2922;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2923. Dividends; annuities.

§ 2923. Dividends; annuities.
If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
18 Del. C. 1953, §  2923;  56 Del. Laws, c. 380, §  1;
2023 Delaware Code › Title 18 - Insurance Code › Chapter 29. LIFE INSURANCE AND ANNUITY CONTRACTS › § 2924. Reinstatement; annuities.

§ 2924. Reinstatement; annuities.
In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within 1 year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract, but not exceeding 6% per annum payable annually, and, in cases where applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
18 Del. C. 1953, §  2924;  56 Del. Laws, c. 380, §  1;