§ 27-4.3-9 - Exceptions.
SECTION 27-4.3-9
§ 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) Term policy of uniform amount, which provides noguaranteed nonforfeiture or endowment benefits, or renewal of the policy, oftwenty (20) years or less expiring before age seventy-one (71), for whichuniform premiums are payable during the entire term of the policy;
(6) Term policy of decreasing amount, which provides noguaranteed nonforfeiture or endowment benefits, on which each adjusted premium,calculated as specified in § 27-4.3-5, is less than the adjusted premiumcalculated, on a term policy of uniform amount, or renewal of it, whichprovides no guaranteed nonforfeiture or endowment benefits, issued at the sameage 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 premiumsare payable during the entire term of the policy;
(7) A policy, which provides no guaranteed nonforfeiture orendowment benefits, for which no cash surrender value, if any, or present valueof 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 twoand one-half percent (2.5%) of the amount of insurance at the beginning of thesame policy year; nor
(8) A policy which shall be delivered outside this statethrough an insurance producer or other representative of the insurance companyissuing the policy.
(b) For the purposes of determining the applicability of thischapter, the age at expiry for a joint term life insurance policy shall be theage at expiry of the oldest life.