J. MILLARD TAWES, Governor                     1171

A change of beneficiary or assignment or other transfer shall be
valid except in cases of transfer with actual intent to hinder, delay,
or defraud creditors.

23. LIFE INSURANCE AND ANNUITIES

386.    Scope of Subtitle.

This subtitle applies to contracts of life insurance and annuities,
other than reinsurance, group life insurance and group annuities.

387.    Industrial Life Insurance.

Industrial life insurance is any life insurance provided by an indi-
vidual insurance policy bearing the words "industrial policy" printed
upon the policy as part of the brief description required under
section 399, and under which premiums are payable either

(1)   Weekly, or

(2)   Monthly or oftener, but less often than weekly, if the face
amount of the insurance provided in such policy is $1,000 or less.

388.    Standard Provisions Required.

(a)   No policy of life insurance, other than group and pure endow-
ments, shall be delivered or issued for delivery in this State unless
it contains in substance all of the applicable provisions as required
by sections 389 to 399, inclusive, of this subtitle. This section shall
not apply to annuity contracts nor to any provision of a life insur-
ance policy, or contract supplemental thereto, relating to disability
benefits or to additional benefits in the event of death by accident or
accidental means.

(b)   Any of such provisions or portions thereof not applicable to
single premium or term policies shall to that extent not be incor-
porated therein.

389.    Grace Period.

There shall be a provision that a grace period of thirty (30) days,
or, at the option of the insurer, of one month of not less than thirty
(30) days, or of four (4) weeks in the case of industrial life insur-
ance policies the premiums for which are payable more frequently
than monthly, shall be allowed within which the payment of any
premium after the first may be made, during which period of grace
the policy shall continue in full force; but if a claim arises under the
policy during such period of grace the amount of any premium due
or overdue may be deducted from the policy proceeds.

390.    Incontestability.

There shall be a provision that the policy (exclusive of provisions
relating to disability benefits or to additional benefits in the event of
death by accident or accidental means) shall be incontestable, except
for nonpayment of premiums, after it has been in force during the
lifetime of the insured for a period of two (2) years from its date
of issue.