4316 - Individual contracts; premium refund at death of insured.
§ 4316. Individual contracts; premium refund at death of insured. Under individual contracts for which premiums are paid directly to the corporation by the individual, if the death of the insured or a covered dependent occurs during a period for which the premium has been paid, the corporation shall refund the premium or the portion of the premium actually paid by the insured for that person for any period beyond the end of the policy month in which such death occurred.