OAR 836-051-0330
Disclosure


(1)

An accelerated benefit provision shall include “accelerated benefit” or “accelerated death benefit” as part of the descriptive title. The policy, certificate or rider schedule must:

(a)

Include one of the following:

(A)

Any premium or cost of insurance charge designated for the accelerated benefit;

(B)

The interest rate if fixed; or

(C)

The method used by the insurer to establish the interest rate in OAR 836-051-0370 (Minimum Benefit Standards)(3); and

(b)

Disclose any administrative expense charge associated with the exercise of the accelerated benefit.

(2)

When a life insurance policy or certificate containing an accelerated benefit provision is applied for or delivered, or when an accelerated benefit rider to a life insurance policy is applied for, delivered or added, the insurer shall give or cause to be given a summary of coverage described in this section to the applicant for the policy, certificate or rider. The description must include all of the following:

(a)

A brief summary of the accelerated benefit and definitions of the conditions or occurrences triggering payment of the benefit;

(b)

An explanation of any effect of the payment of an accelerated benefit on the cash value, accumulation account, death benefit, premium payments, any loans or liens.

(c)

Disclosure of the basis for payment, whether a premium, cost of insurance charge, lien assessment or present value calculation;

(d)

A statement that receipt of the accelerated benefit may be taxable and that assistance should be sought from a personal tax advisor.

(3)

When an accelerated benefit option is exercised, the insurer shall provide the following to the policy holder or certificate holder and any irrevocable beneficiary:

(a)

An illustration that:

(A)

Numerically demonstrates any effect the payment of the benefit will have on the cash value, accumulation account, death benefit, premium payments, any loans or liens;

(B)

Separately illustrates the loaned amount from the accelerated risk amount if the acceleration is based on a lien and the interest accrued on the two portions are not at the same rate; and

(C)

Includes a statement that receipt of accelerated benefit payments may adversely affect the recipient’s eligibility for Medicaid or other government benefits or entitlements, that benefits may be taxable and that assistance should be sought from a personal tax advisor.

(b)

An amended schedule page showing any new, reduced in-force face amount and the continuing premium requirements to keep the remaining coverage in force.
836‑051‑0005
Statutory Authority
836‑051‑0010
Definitions
836‑051‑0015
Disclosure Requirements
836‑051‑0020
General Requirements
836‑051‑0030
Purpose and Applicability
836‑051‑0032
Definition
836‑051‑0034
Exemptions
836‑051‑0036
Disclosure Requirements
836‑051‑0038
Insurer Duties
836‑051‑0040
Trade Practice Regulation
836‑051‑0101
Statutory Authority
836‑051‑0106
Life Insurance Valuation and Nonforfeiture Standards
836‑051‑0110
Life Insurance Nonforfeiture Standards for Men and Women
836‑051‑0115
Smoker/Nonsmoker Mortality Tables
836‑051‑0150
Individual Deferred Annuities Surrender Charge
836‑051‑0153
Limitations on Surrender Charge Scales
836‑051‑0156
Fair Surrender Charges
836‑051‑0200
Authority
836‑051‑0210
Purpose
836‑051‑0220
Definitions
836‑051‑0230
Individual Annuity or Pure Endowment Contracts
836‑051‑0235
Application of the 2012 IAR Mortality Table
836‑051‑0240
Group Annuity or Pure Endowment Contracts
836‑051‑0250
Application of the 1994 GAR Table
836‑051‑0300
Statutory Authority
836‑051‑0310
Acknowledgement of Concurrence for Payout from Assignee or Beneficiary
836‑051‑0320
Payment Options
836‑051‑0330
Disclosure
836‑051‑0340
Exercise of the Accelerated Benefit
836‑051‑0350
Waiver of Premium
836‑051‑0360
Discrimination
836‑051‑0370
Minimum Benefit Standards
836‑051‑0380
Actuarial Disclosure and Reserves
836‑051‑0500
Purpose
836‑051‑0510
Applicability and Scope
836‑051‑0520
Definitions
836‑051‑0530
Policies to Be Illustrated
836‑051‑0540
General Rules and Prohibitions
836‑051‑0550
Standards for Basic Illustrations
836‑051‑0560
Standards for Supplemental Illustrations
836‑051‑0570
Delivery of Illustration and Record Retention
836‑051‑0580
Annual Report
836‑051‑0590
Annual Certifications
836‑051‑0600
Trade Practice Regulation
836‑051‑0700
Authorization, Genetic Testing
836‑051‑0750
Purpose
836‑051‑0755
Definitions
836‑051‑0760
Minimum Valuation Mortality Standards
836‑051‑0765
Minimum Valuation Interest Rate Standards
836‑051‑0770
Minimum Valuation Method Standards
836‑051‑0775
Transition Rules
836‑051‑0900
Purpose
836‑051‑0905
Applicability and Scope
836‑051‑0910
Definitions
836‑051‑0915
Standards for the Disclosure Document and Buyer’s Guide
836‑051‑0920
Report to Contract Owners
836‑051‑0925
Trade Practice Regulation
Last Updated

Jun. 8, 2021

Rule 836-051-0330’s source at or​.us