§ 26.1-34-09 — Minimum nonforfeiture benefits for annuity contract providing both annuity and life insurance benefits - Excepted benefits

North Dakota § 26.1-34-09

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-34: Annuities

Text

annuity and life insurance benefits - Excepted benefits.
For any annuity contract that provides within the same contract, by rider or supplemental
contract provision, both annuity benefits and life insurance benefits that are in excess of the
greater of cash surrender benefits or a return of the gross considerations with interest, the
minimum nonforfeiture benefits must equal the sum of the minimum nonforfeiture benefits for

the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion
computed as if each portion were a separate contract. Notwithstanding sections 26.1-34-03
through 26.1-34-06 and section 26.1-34-08, additional benefits payable in the event of total and
permanent disability, as reversionary annuity or deferred reversionary annuity benefits, or as
other policy benefits additional to life insurance, endowment and annuity benefits, and
considerations for all such additional benefits, must be disregarded in ascertaining the minimum
nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required
by sections 26.1-34-01 through 26.1-34-09. The inclusion of such additional benefits may not be
required in any paid-up benefits, unless such additional benefits separately would require
minimum nonforfeiture amounts, paid-up annuity, cash surrender, or death benefits.