MN HF4084

Replaces "sanity or insanity" with "mental competency" language in Minnesota Statutes section 61A.031(a) to clarify that a person's mental competency shall not be a factor in determining whether suicide occurred under a life insurance policy.

Maintains existing law allowing life insurance policies to exclude or restrict liability for death benefits if the insured dies by suicide within one year from the date of policy issue.

Requires any suicide exclusion or restriction to be clearly stated in the policy or certificate.

Mandates that insurers refund all premiums paid for coverage providing the denied death benefit if a claim is denied due to suicide occurring within one year of policy issue.