§ 26.1-33-28 — Exceptions

Sections 26.1-33-18 through 26.1-33-27 do not apply to:
1. Reinsurance;
2. Group insurance;
3. Pure endowment;
4. An annuity or reversionary annuity contract;
5. A 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;
6. A term policy of decreasing amount, which provides no guaranteed nonforfeiture or
endowment benefits, on which each adjusted premium, calculated as specified in
sections 26.1-33-21 through 26.1-33-24 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;
7. A 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 26.1-33-19
through 26.1-33-24, exceeds two and one-half percent of the amount of insurance at
the beginning of the same policy year; nor
8. A policy delivered outside this state through an insurance producer or other
representative of the insurer issuing the policy.
For purposes of determining the applicability of sections 26.1-33-18 through 26.1-33-28, the age
of expiry for a joint term life insurance policy is the age of expiry of the oldest life.