Section 10-7-706 - Reliance on statements

An insurer is entitled to rely upon all reasonable statements, declarations, and representations made by an applicant for life insurance relative to the existence of an insurable interest. No insurer incurs legal liability, except as set forth in the policy, by virtue of untrue statements, declarations, or representations relied upon in good faith by the insurer.L. 2011: Entire part added, (SB 11-182), ch. 227, p. 975, §1, effective May 27.