44-407.06. Law; policies to which applicable.

290 words·~1 min read·/ne/chapter-44/44-407-06

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 shall not apply to any

(1)reinsurance,

(2)group insurance,

(3)pure endowment,

(4)annuity or reversionary annuity contract,

(5)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,

(6)term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections 44-407.04 , 44-407.08 , 44-407.09 , and 44-407.24 , 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,

(7)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 44-407.02 to 44-407.04 , 44-407.08 , 44-407.09 , and 44-407.24 , exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year, or

(8)policy which shall be delivered outside this state through an agent or other representative of the company issuing the policy.

For purposes of determining the applicability of sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 , the age of expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.