§ 58-58-1. Definitions; requisites of contract. - North Carolina Statutes

Article 58.

Life Insurance andViatical Settlements.

Part 1. General Provisions.

§ 58‑58‑1. Definitions; requisites of contract.

All corporations orassociations doing business in this State, under any charter or statute of thisor any other state, involving the payment of money or other thing of value tofamilies or representatives of policy and certificate holders or members,conditioned upon the continuance or cessation of human life, or involving aninsurance, guaranty, contract, or pledge for the payment of endowments orannuities, or who employ agents to solicit such business, are life insurancecompanies, in all respects subject to the laws herein made and provided for thegovernment of life insurance companies, and shall not make any such insurance,guaranty, contract, or pledge in this State with any citizen, or residentthereof, which does not distinctly state the amount of benefits payable, themanner of payment, the consideration therefor and such other provisions as theCommissioner may require. (1899, c. 54, s. 55; Rev., s. 4773; C.S., s. 6455;1945, c. 379.)