Section 3915.053 | Policy of Military Reservist Not to Lapse for Nonpayment of Premiums.
Effective: January 1, 2021 Latest Legislation: House Bill 339 – 133rd General Assembly (A)(1) Except as provided in division (A)(2) of this section, this section shall apply to any individual life insurance policy insuring the life of a reservist, as defined in section 3923.381 of the Revised Code, who is on active duty pursuant to […]
Section 3915.06 | Nonforfeiture Benefit and Cash Value.
Effective: August 25, 1983 Latest Legislation: House Bill 20 – 115th General Assembly The nonforfeiture benefit referred to in division (H) of section 3915.05 of the Revised Code shall be available to the owner of the policy in the event of default in premium payments after premiums have been paid for three years, and such […]
Section 3915.07 | Standard Nonforfeiture Law.
Effective: August 25, 1983 Latest Legislation: House Bill 20 – 115th General Assembly (A) In the case of policies issued before January 1, 1989, or an earlier date, not before January 1, 1983, as of which section 3915.071 of the Revised Code becomes operative for such policies, no such policy of life insurance, except as […]
Section 3915.071 | Paid-Up Nonforfeiture Benefit or Alternative Nonforfeiture Benefit.
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) As used in this section, “operative date of the valuation manual” means the January 1 of the first calendar year that the valuation manual, as defined in section 3903.72 of the Revised Code, is effective. (B) No policy of life insurance […]
Section 3915.072 | Cash Surrender Value – Nonforfeiture Factors.
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly This section applies to all policies of life insurance, not excluded by division (N) of section 3915.071 of the Revised Code, that are delivered, or issued for delivery, in this state on or after January 1, 1989. (A) Upon default in payment […]
Section 3915.073 | Standard Nonforfeiture Law for Individual Deferred Annuities.
Effective: July 21, 2022 Latest Legislation: Senate Bill 256 – 134th General Assembly (A) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (B) This section does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, […]
Section 3915.08 | Loan, Reserve, and Cash Surrender Value.
Effective: November 5, 1959 Latest Legislation: Senate Bill 428 – 103rd General Assembly Except in the case of policies to which the second paragraph of this section applies, the loan value referred to in division (G) of section 3915.05 of the Revised Code shall be the reserve at the end of the current policy year […]
Section 3915.09 | Provisions Prohibited.
Effective: March 22, 1973 Latest Legislation: House Bill 1 – 110th General Assembly No policy of life insurance shall be issued or delivered in this state, or be issued by a life insurance company organized under the laws of this state, if it contains any of the following: (A) A provision for forfeiture of the […]
Section 3915.10 | Time Extension for Premium Payments.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon the condition that failure to comply […]
Section 3915.11 | Interest Added to Principal Debt.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly In ascertaining the indebtedness due upon policy or premium loans, the interest, if not paid when due, shall be added to the principal of such loans and shall bear interest at the rate specified in the note or loan agreement.