PROVIDING AS TO EFFECT OF WARRANTIES IN APPLICATION FOR INSURANCE WHEN ACCOMPANYING POLICY
AN ACT TO AMEND 509, SECTION 48 OF CHAPTER 20, REVISED CODE OF DELAWARE, 1935, RELATIVE TO INSURANCE DEPARTMENT, PROVIDING AS TO EFFECT OF WARRANTIES IN APPLICATION FOR INSURANCE WHEN ACCOMPANYING POLICY.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That 509, Section 48 of Chapter 20, Revised Code of Delaware, 1935, be and the same is hereby amended by striking out 509, Section 48, and inserting in lieu thereof a new section to be known as 509, Section 48, as follows:
509. Section 48. Warranties in Applications and Effect of; Wrong Age Given; Copy of Application to Accompany Policy:--Whenever the application for a policy of life insurance contains a clause of warranty of the truth of the answers therein contained, no misrepresentation or untrue statement in such application made in good faith by the applicant, shall effect a forfeiture or be a ground of defense in any suit brought upon any policy of insurance issued upon the faith of such application, unless such misrepresentation or untrue statement relate to some matter material to the risk.
Whenever it shall be made to appear that a wrong age has been given in good faith in any application for a policy of life insurance, the company shall not be required to pay the face value of the policy, but such sum as the premium paid would have purchased at the applicant's real age at the time of effecting the insurance.
There shall be delivered with, incorporated in, or attached to each policy of life insurance issued in this State, a copy of the application for said policy made by the insured, so that the entire insurance contract may appear in or with said policy; in default of which, no defense shall be allowed to said policy on account of or by reason of anything contained in or omitted from such application and not contained in the policy issued thereon.
It is declared to be the intent and meaning of this Section, that the same shall effect and have to do only with the remedy and procedure in the enforcing of claims for insurance upon life insurance policies.
Approved April 11, 1939.