ORS 743.204
Standard Nonforfeiture Law for Life Insurance
- applicability
(1)
ORS 743.204 (Standard Nonforfeiture Law for Life Insurance) to 743.222 (Policy benefits and premiums that shall be disregarded in calculating cash surrender values and paid-up nonforfeiture benefits) may be cited as the Standard Nonforfeiture Law for Life Insurance.(2)
The operative date of the Standard Nonforfeiture Law for Life Insurance as to any policy is the earlier of:(a)
January 1, 1948; or(b)
The date specified in a written notice, filed with the Director of the Department of Consumer and Business Services by the insurer, of election to comply with the Standard Nonforfeiture Law for Life Insurance as to such policy as of the specified date.(3)
The Standard Nonforfeiture Law for Life Insurance shall not apply to:(a)
Any reinsurance, group insurance, pure endowment, annuity or reversionary annuity policy.(b)
Any term policy or renewal thereof, of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy. For this purpose, the age at death for a joint term life insurance policy shall be the age at death of the oldest life.(c)
Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, if each adjusted premium, calculated as specified in ORS 743.215 (Calculation of adjusted premiums) and 743.216 (Adjusted premiums), is less than the adjusted premium so calculated on a term policy or renewal thereof of uniform amount, which provides no guaranteed nonforfeiture benefits or endowment benefits, which is issued at the same age, for the same initial amount of insurance and for a term of 20 years or less that expires before age 71 and for which uniform premiums are payable during the entire term of the policy. For this purpose, the age at death for a joint term life insurance policy shall be the age at death of the oldest life.(d)
Any policy which provides no guaranteed nonforfeiture or endowment benefits, and for which policy the cash surrender value or present value of paid-up nonforfeiture benefit calculated for the beginning of any policy year as specified in ORS 743.210 (Determination of cash surrender values), 743.213 (Determination of paid-up nonforfeiture benefits), 743.215 (Calculation of adjusted premiums) and 743.216 (Adjusted premiums) does not exceed two and one-half percent of the amount of insurance at the beginning of such year. [Formerly 739.340; 1977 c.320 §13; 1981 c.609 §12]
Source:
Section 743.204 — Standard Nonforfeiture Law for Life Insurance; applicability, https://www.oregonlegislature.gov/bills_laws/ors/ors743.html.
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