Illinois Administrative Code
Title 50 - INSURANCE
Part 1053 - PREMIUM REFUNDS
Section 1053.10 - Computation of Premium Refunds
Universal Citation: 50 IL Admin Code ยง 1053.10
Current through Register Vol. 48, No. 12, March 22, 2024
a) The refund of return premiums in the case of Decreasing Term Insurance issue under Article IX1/2 of the Illinois Insurance Code shall be computed by the "Sum of Digits" formula, commonly known as the "Rule of Seventy Eighths".
b) The refund of return premiums in the case of Level Term Life Insurance shall be equal to the pro rata gross unearned premium.
c) A premium refund need not be made if the amount thereof is less than $1.00.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
