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§ 16-301. Application of subtitle

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance (Refs & Annos)
MD Code, Insurance, § 16-301
§ 16-301. Application of subtitle
Currentness
In general
(a) This subtitle does not apply to:
(1) reinsurance;
(2) group life insurance;
(3) a pure endowment;
(4) an annuity contract or reversionary annuity contract;
(5) a term policy of a uniform amount that:
(i) does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;
(ii) is for 20 years or less and expires before the insured's age 71; and
(iii) requires uniform premiums, payable during the entire term of the policy;
(6) a term policy of a decreasing amount:
(i) that does not provide guaranteed nonforfeiture or endowment benefits; and
(ii) on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:
1. does not provide guaranteed nonforfeiture or endowment benefits;
2. is issued at the same age and for the same initial amount of insurance;
3. is for 20 years or less and expires before the insured's age 71; and
4. requires uniform premiums, payable during the entire term of the policy; or
(7) a policy that:
(i) does not provide guaranteed nonforfeiture or endowment benefits; and
(ii) has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.
Age at expiry for joint term life insurance policy
(b) For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 414.
MD Code, Insurance, § 16-301, MD INSURANCE § 16-301
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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