632.41 Prohibited provisions in life insurance. - Wisconsin Statutes

632.41

SUBCHAPTER V
LIFE INSURANCE AND ANNUITIES

Subch. V of Ch. 632 - ANNOT.

Cross Reference: See also ch. Ins 2, Wis. adm. code.
632.41 Prohibited provisions in life insurance.

632.41(1)

(1) Assessable policies. No insurer may issue assessable life insurance policies under which assessments or calls may be made upon policyholders or others.

632.41(2)

(2) Burial insurance. Except as provided in s. 632.415, no contract in which the insurer agrees to provide benefits to pay for any of the incidents of burial or other disposition of the body of a deceased may provide that the benefits are payable to a funeral director or any other person doing business related to burials.

632.41 - ANNOT.

History: 1975 c. 373, 375, 422; 1979 c. 102; 1995 a. 295; 1999 a. 191.

632.41 - ANNOT.

Cross Reference: See also ch. Ins 23, Wis. adm. code.

632.41 - ANNOT.

Sub. (2) does not prohibit naming funeral director as beneficiary of life insurance policy in conjunction with separate agreement between insured and funeral director that proceeds will be used for funeral and burial expenses. 71 Atty. Gen. 7.

632.41 - ANNOT.

Purpose of (2) is to prevent monopolistic or unfair trade practices. 76 Atty. Gen. 291.