§ 10-7-307 — Exemptions

Colorado § 10-7-307

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

(1) Sections 10-7-302 to 10-7-306.1 shall not apply to
any of the following:

(a) Reinsurance;

(b) Group insurance;

(c) A pure endowment;

(d) An annuity or reversionary annuity contract;

(e) Any term policy of uniform amount, which provides no guaranteed
nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less
expiring before age seventy-one, for which uniform premiums are payable during
the entire term of the policy;

(f) Any term policy of decreasing amount, which provides no guaranteed
nonforfeiture or endowment benefits, on which each adjusted premium, calculated
as specified in sections 10-7-305 and 10-7-305.1, is less than the adjusted premium
so calculated, on a term policy of uniform amount, or renewal thereof, which
provides no guaranteed nonforfeiture or endowment benefits, issued at the same
age and for the same initial amount of insurance and for a term of twenty years or
less expiring before age seventy-one, for which uniform premiums are payable
during the entire term of the policy;

(g) Any policy which provides no guaranteed nonforfeiture or endowment
benefits, for which no cash surrender value, if any, or present value of any paid-up
nonforfeiture benefit, at the beginning of any policy year, calculated as specified in
sections 10-7-303, 10-7-304, 10-7-305, and 10-7-305.1, exceeds two and one-half
percent of the amount of insurance at the beginning of the same policy year; nor

(h) Any policy which shall be delivered outside this state through an agent or
other representative of the company issuing the policy.

(2) For purposes of determining the applicability of sections 10-7-302 to 10-7-306.1, the age at expiry for a joint term life insurance policy shall be the age of
expiry of the oldest life.

Legislative History

Source: L. 61: p. 464, � 7. CRS 53: � 72-20-7. C.R.S. 1963: � 72-19-7. L. 81: Entire section R&RE, p. 549, � 8, effective July 1.