§ 16-109. Interest on benefits payable under life insurance policy
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 16-109
§ 16-109. Interest on benefits payable under life insurance policy
(a) Except as provided in subsection (b) of this section, interest on benefits payable under a policy of life insurance issued in the State accrues and is payable from the date of death of the insured to the date the proceeds of the policy are paid.
(b)(1) An insurer need not pay interest on benefits if the proceeds of the policy are paid within 30 days after the date of death of the insured.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 416A.
MD Code, Insurance, § 16-109, MD INSURANCE § 16-109
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |