§ 38-63-640 — Excepted policies.

This article does not apply to: (a) any reinsurance; (b) group insurance; (c) pure endowment; (d) annuity or reversionary annuity contract; (e) any 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; (f) any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in SECTIONS 38-63-570 to 38-63-600, 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; (g) any 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 38-63-530 to 38-63-600, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; (h) any policy which is delivered outside this State through an agent or other representative of the company issuing the policy. For purposes of determining the applicability of this article, the age at expiry for a joint term life insurance policy is the age of expiry of the oldest life.

Legislative History

HISTORY: Former 1976 Code SECTION 38-7-110 [1960 (51) 1554; 1962 Code SECTION 37-175.6; 1982 Act No. 403, SECTION 10] recodified as SECTION 38-63-640 by 1987 Act No. 155, SECTION 1.