Section 27-15-70 – Short Title.

Section 27-15-70 Short title. This article shall be known as the Standard Nonforfeiture Law for Life Insurance. (Act 2016-411, §1.)

Section 27-15-71 – Definitions.

Section 27-15-71 Definitions. For the purposes of this article, the following terms shall have the following meanings: (1) NAIC. The National Association of Insurance Commissioners. (2) OPERATIVE DATE OF THE VALUATION MANUAL. The January 1 of the first calendar year that the valuation manual as defined in Chapter 36A is effective. (Act 2016-411, §1.)

Section 27-15-72 – Nonforfeiture Benefits.

Section 27-15-72 Nonforfeiture benefits. (a) In the case of policies issued on or after January 1, 1972, no policy of life insurance, except as set forth in Section 27-15-82, shall be delivered or issued for delivery in this state unless it shall contain in substance the following provisions, or corresponding provisions which, in the opinion […]

Section 27-15-73 – Computation of Cash Surrender Value.

Section 27-15-73 Computation of cash surrender value. (a) Any cash surrender value available under the policy in the event of default in the premium payment due on any policy anniversary, whether or not required by Section 27-15-72, shall be an amount not less than the excess, if any, of the present value on such anniversary […]

Section 27-15-74 – Computation of Paid-Up Nonforfeiture Benefits.

Section 27-15-74 Computation of paid-up nonforfeiture benefits. Any paid-up nonforfeiture benefit available under the policy in the event of default in the premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the […]

Section 27-15-75 – Calculation of Adjusted Premiums.

Section 27-15-75 Calculation of adjusted premiums. (a)(1) This section shall not apply to policies issued on or after the operative date of Section 27-15-78, as defined therein. Except as provided in subsection (c), the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective […]

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 27-15-77 – 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 27-15-78 – 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 […]

Section 27-15-79 – Nonforfeiture Benefits for Indeterminate Premium Plans.

Section 27-15-79 Nonforfeiture benefits for indeterminate premium plans. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on the estimates of future experience, or, in the case of any plan of life insurance which is of such […]

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.)