Ohio § 3915.04 Preliminary term insurance

Ohio Statutes

§ 3915.04 — Preliminary term insurance

Ohio § 3915.04

Title 39Insurance

Ch. 3915Life Insurance Policy Provisions

This text of Ohio § 3915.04 (Preliminary term insurance) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 3915.04 (2026).

Text

Life insurance policies may provide for not  more than one year preliminary term insurance by incorporation  therein of the following clause immediately preceding the "change  of beneficiary" clause:

"The first year's insurance under this policy is term  insurance."

If the premium charged for term insurance under a limited  payment life or endowment preliminary term policy, providing for  the payment of all premiums thereon in less than twenty years from  the date of the policy, exceeds that charged for like insurance  under whole life preliminary term policies of the same company,  the reserve thereon at the end of any year, including the first,  shall not be less than the reserve on a whole life preliminary  term policy issued in the same year and at the same age together  with an amou

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Life insurance policies may provide for not more than one year preliminary term insurance by incorporation therein of the following clause immediately preceding the "change of beneficiary" clause:

"The first year's insurance under this policy is term insurance."

If the premium charged for term insurance under a limited payment life or endowment preliminary term policy, providing for the payment of all premiums thereon in less than twenty years from the date of the policy, exceeds that charged for like insurance under whole life preliminary term policies of the same company, the reserve thereon at the end of any year, including the first, shall not be less than the reserve on a whole life preliminary term policy issued in the same year and at the same age together with an amount equivalent to the accumulation of a net level premium sufficient to provide for a pure endowment at the end of the premium-payment period equal to the difference between the value at the end of such period of such a whole life preliminary term policy and the full reserve at such time of such limited payment life or endowment policy. This section does not apply to any policy issued under section3915.07of the Revised Code on or after the operative date for such policy as authorized by division (H) of such section.

This section is applicable to any preliminary term policies, except in the case of life insurance policies and annuity and pure endowment contracts issued between July 17, 1947, and November 5, 1959, that are subject to valuation under section3903.723of the Revised Code.