Section 27-15-80 – Proration of Values; Net Value of Paid-Up Additions.
Section 27-15-80 Proration of values; net value of paid-up additions. Any cash surrender value and any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary shall be calculated with allowance for the lapse of time and the payment […]
Section 27-15-81 – Consistency of Progression of Cash Surrender Values With Increasing Policy Duration.
Section 27-15-81 Consistency of progression of cash surrender values with increasing policy duration. (a) This section, in addition to all other applicable sections of this article, shall apply to all policies issued on or after January 1, 1985. Any cash surrender value available under the policy in the event of default in a premium payment […]
Section 27-15-82 – Exceptions.
Section 27-15-82 Exceptions. This article shall not apply to any of the following: (1) Reinsurance. (2) Group insurance. (3) Pure endowment. (4) Annuity or reversionary annuity contract. (5) Variable life insurance contract. (6) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less, […]
Section 27-15-83 – Applicability of Article.
Section 27-15-83 Applicability of article. For purposes of determining the applicability of this article, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life. (Act 2016-411, §1.)
Section 27-15-26 – Power of Life Insurer to Hold Proceeds of Policy.
Section 27-15-26 Power of life insurer to hold proceeds of policy. Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors of […]
Section 27-15-76 – Calculation of Adjusted Premiums – Ordinary Policies.
Section 27-15-76 Calculation of adjusted premiums – Ordinary policies. (a) This section shall not apply to ordinary policies issued on or after the operative date of Section 27-15-78, as defined therein. (b) In the case of ordinary policies issued on or after the operative date of this section, all adjusted premiums and present values referred […]
Section 27-15-27 – Deductions in Determining Amount Due Under Life Insurance.
Section 27-15-27 Deductions in determining amount due under life insurance. In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of: (1) Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and (2) The amount of principal and […]
Section 27-15-77 – Calculation of Adjusted Premiums – Industrial Policies.
Section 27-15-77 Calculation of adjusted premiums – Industrial policies. (a) This section shall not apply to industrial policies to be issued on or after the operative date of Section 27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in this article for all policies of industrial insurance shall be calculated on […]
Section 27-15-28 – Standard Nonforfeiture Law for Life Insurance.
Section 27-15-28 Standard nonforfeiture law for life insurance. Repealed by Act 2016-411, §3, effective January 1, 2017. (Acts 1981, No. 407, p. 707, §373; Acts 1979, No. 79-661, p. 1142, §1; Acts 1981, No. 81-783, p. 1347, §1.)
Section 27-15-78 – Calculations of Adjusted Premiums by the Nonforfeiture Net Level Premium Method.
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium method. (a) This section shall apply to all policies issued on or after the operative date of this section as defined herein. Except as provided in subsection (g), the adjusted premiums for any policy shall be calculated on an annual basis and shall […]