§ 26-16-206 — Varying amount of insurance based on policy duration; uniform equivalent

Wyoming § 26-16-206

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

Text

(a) In the case of a policy providing an amount of
insurance varying with duration of the policy, the equivalent
uniform amount thereof for the purpose of W.S. 26-16-205 is the
uniform amount of insurance provided by an otherwise similar
policy, containing the same endowment benefits, if any, issued
at the same age and for the same term, the amount of which does
not vary with duration and the benefits under which have the
same present value at the date of issue as the benefits under
the policy.
(b) In the case of a policy providing a varying amount of
insurance issued on the life of a child under age ten (10) the
equivalent uniform amount may be computed as though the amount
of insurance provided by the policy prior to the attainment of
age ten (10) were the amount provided by the policy at age ten
(10).