§ 26.1-33-26 — Benefits on default off the anniversary - Exempted benefits

North Dakota § 26.1-33-26

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-33: Life Insurance

Text

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, must be calculated with allowance for the lapse of time and the payment of
fractional premiums beyond the last preceding policy anniversary. All values referred to in
sections 26.1-33-19 through 26.1-33-24 may be calculated upon the assumption that any death
benefit is payable at the end of the policy year of death. The net value of any paid-up additions,
other than paid-up term additions, may be not less than the amounts used to provide the
additions. Notwithstanding section 26.1-33-19, additional benefits payable:
1. In the event of death or dismemberment by accident or accidental means;
2. In the event of total and permanent disability;
3. As reversionary annuity or deferred reversionary annuity benefits;
4. As term insurance benefits provided by a rider or supplemental policy provision to
which, if issued as a separate policy, sections 26.1-33-18 through 26.1-33-28 would
not apply;
5. As term insurance on the life of a child or on the lives of children provided in a policy
on the life of a parent of the child, if such term insurance expires before the child's age
is twenty-six years, is uniform in amount after the child's age is one year, and has not
become paid up by reason of the death of a parent of the child; and
6. As other policy benefits additional to life insurance and endowment benefits, and
premiums for all such additional benefits, must be disregarded in ascertaining cash
surrender values and nonforfeiture benefits required by sections 26.1-33-18 through
26.1-33-28, and no such additional benefits may be required to be included in any
paid-up nonforfeiture benefits.