§ 58-51-10. Right to return policy and have premium refunded. - North Carolina Statutes

§58‑51‑10.  Right to return policy and have premium refunded.

Every individual or familyhospitalization policy, certificate, contract or plan issued for delivery inthe State of North Carolina on and after July 1, 1961, must have printedthereon or attached thereto a notice stating substantially: "YOUR POLICYMAY NOT BE IN FORCE WHEN YOU HAVE A CLAIM! PLEASE READ! Your policy was issuedbased on the information entered in your application, a copy of which isattached to the policy. If, to the best of your knowledge and belief, there isany misstatement in your application or if any information concerning themedical history of any insured person has been omitted, you should advise theCompany immediately regarding the incorrect or omitted information; otherwise,your policy may not be a valid contract. RIGHT TO RETURN POLICY WITHIN 10 DAYS.If for any reason you are not satisfied with your policy, you may return it tothe Company within 10 days of the date you received it and the premium you paidwill be promptly refunded." If a policyholder or certificate holder orpurchaser of a contract or plan returns same pursuant to such notice, coverageunder such policy, certificate, contract or plan shall become void immediatelyupon the mailing or delivery of the contract, certificate, policy or plan tothe insurance company at its home or branch office or to the agent through whomit was purchased. Coverage shall exist under such policy, certificate, contractor plan within said 10‑day period until said mailing or delivery of thecontract. (1955, c. 850, s. 10; 1961, c. 962.)