§ 27-4.3-9. Exceptions.
(a) This chapter shall not apply to any of the following:
(1) Reinsurance;
(2) Group insurance;
(3) Pure endowment;
(4) Annuity or reversionary annuity contract;
(5) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment
benefits, or renewal of the policy, of twenty (20) years or less expiring before age
seventy-one (71), for which uniform premiums are payable during the entire term of
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§ 27-4.3-9. Exceptions.
(a) This chapter shall not apply to any of the following:
(1) Reinsurance;
(2) Group insurance;
(3) Pure endowment;
(4) Annuity or reversionary annuity contract;
(5) A term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment
benefits, or renewal of the policy, of twenty (20) years or less expiring before age
seventy-one (71), 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 § 27-4.3-5, is less than the adjusted premium so calculated, on a term policy of uniform amount,
or renewal of it, 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 (20) years or less expiring before age seventy-one (71), 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 §§ 27-4.3-3 — 27-4.3-5, exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning
of the same policy year; nor
(8) A policy which shall be delivered outside this state through an insurance producer
or other representative of the insurance company issuing the policy.
(b) For the purposes of determining the applicability of this chapter, the age at expiry
for a joint term life insurance policy shall be the age at expiry of the oldest life.