§ 26-16-202 — Policy provisions

Wyoming § 26-16-202

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 16: LIFE INSURANCE AND ANNUITY CONTRACTS

Text

(a) No life insurance policy, except as stated in W.S.
26-16-212, shall be delivered or issued for delivery in this
state unless it contains provisions conforming in substance to
each of the following provisions, or corresponding provisions
which the commissioner determines are at least as favorable to
the defaulting or surrendering policyholder as are the minimum
requirements specified in this subsection and are essentially in
compliance with W.S. 26-16-210:
(i) In case of default in any premium payment the
insurer will grant, upon proper request not later than sixty
(60) days after the due date of the premium in default, a
paid-up nonforfeiture benefit on a plan stipulated in the
policy, effective as of the due date, in an amount as is
specified in this article. Instead of the stipulated paid-up
nonforfeiture benefit, the insurer, upon proper request not
later than sixty (60) days after the due date of the premium in
default, may substitute an actuarially equivalent alternative
paid-up nonforfeiture benefit which provides a greater amount or
longer period of death benefits or, if applicable, a greater
amount or earlier payment of endowment benefits;
(ii) Upon surrender of the policy within sixty (60)
days after the due date of any premium payment in default after
premiums have been paid for at least three (3) full years in the
case of ordinary insurance or five (5) full years in the case of
industrial insurance, the insurer will pay, instead of any
paid-up nonforfeiture benefit, a cash surrender value in an
amount as is specified in this article;
(iii) A specified paid-up nonforfeiture benefit is
effective as specified in the policy unless the person entitled
to make the election elects another available option not later
than sixty (60) days after the due date of the premium in
default;
(iv) If the policy is paid-up by completion of all
premium payments or if it is continued under any paid-up
nonforfeiture benefit which became effective on or after the
third policy anniversary in the case of ordinary insurance or
the fifth policy anniversary in the case of industrial
insurance, the insurer, upon surrender of the policy within
thirty (30) days after any policy anniversary, will pay a cash
surrender value in an amount as is specified in this article;
(v) In the case of policies which cause on a basis
guaranteed in the policy unscheduled changes in benefits or
premiums, or which provide an option for changes in benefits or
premiums other than a change to a new policy, a statement of the
mortality table, interest rate and method of use in calculating
cash surrender values and the paid-up nonforfeiture benefits
under the policy. All other policies shall contain a statement
of the mortality table and interest rate used in calculating the
cash surrender values and the paid-up nonforfeiture benefits
available under the policy, together with a table showing the
cash surrender value, if any, and paid-up nonforfeiture benefit,
if any, available under the policy on each policy anniversary
either during the first twenty (20) policy years or during the
term of the policy, whichever is shorter, those values and
benefits to be calculated upon the assumption that there are no
dividends or paid-up additions credited to the policy and that
there is no indebtedness to the insurer on the policy;
(vi) A statement:
(A) That the cash surrender values and the
paid-up nonforfeiture benefits available under the policy are
not less than the minimum values and benefits required by or
pursuant to the insurance law of the state in which the policy
is delivered;
(B) Explaining the manner in which the cash
surrender values and the paid-up nonforfeiture benefits are
altered by the existence of any paid-up additions credited to
the policy or any indebtedness to the insurer on the policy;
(C) That the method of computation has been
filed with the insurance supervisory official of the state in
which the policy is delivered, if a detailed statement of the
method of computation of the values and benefits shown in the
policy is not stated in the policy; and
(D) Of the method to be used in calculating the
cash surrender value and paid-up nonforfeiture benefit available
under the policy on any policy anniversary beyond the last
anniversary for which the values and benefits are consecutively
shown in the policy.
(b) Any provision or part thereof set forth in paragraphs
(a)(i) through (vi) of this section, not applicable by reason of
the insurance plan, to the extent inapplicable, may be omitted
from the policy.