§ 26-16-212 — Applicability of article

Wyoming § 26-16-212

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

Text

(a) This article does not apply to any:
(i) Reinsurance;
(ii) Group insurance;
(iii) Pure endowment;
(iv) Annuity or reversionary annuity contract;
(v) Term policy of uniform amount which provides no
guaranteed nonforfeiture or endowment benefits, or renewal
thereof, 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;
(vi) Term policy of decreasing amount which provides
no guaranteed nonforfeiture or endowment benefits and on which
each adjusted premium, calculated as specified in W.S. 26-16-205
through 26-16-209, 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, 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;
(vii) Policy which provides no guaranteed
nonforfeiture or endowment benefits and for which no cash
surrender value or present value of paid-up nonforfeiture
benefit at the beginning of the policy year and calculated as
specified in W.S. 26-16-203(b) through 26-16-209, exceed two and
one-half percent (2 1/2%) of the amount of insurance at the
beginning of the policy year. For purposes of paragraph (vi) of
this subsection and this paragraph, the age at expiration of a
joint term life insurance policy is the age at expiration of the
oldest life; or
(viii) Policy which is delivered outside this state
through an agent or other representative of the insurer issuing
the policy.
ARTICLE 3
NONFORFEITURE BENEFITS ON OLD POLICIES