Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 95.00 - Variable Life Insurance
Section 95.09 - Insurance Policy Requirements - Optional Policy Provisions

(1) A provision that the amount of any dividend:

(2) A provision allowing for incidental insurance benefits, which may be offered on a fixed or variable basis.

(3) A provision allowing the policyholder to elect in writing in the policy application or thereafter an automatic premium loan on a basis not less favorable than that required of policy loans, partial withdrawals or partial surrenders, except that payment under this provision is restricted to no more than the premiums required for a period of 12 months absent separate notification to the policyholder. Such notification shall be sent by certified mail, shall inform the policyholder of the duration and amount of the loan, and shall provide a mailing address and local or toll-free telephone number at which the policyholder can advise the insurer of any intention to cancel further automatic premium loans. Such notification shall be sent to the policyholder no less frequently than annually in the event of continuing automatic premium loans, and shall be mailed separately from any other notice, information or report mailed to the policyholder by the insurer.

(4) An exclusion for suicide within two years of the issue date of the policy provided, however, that to the extent of increased death benefits only, the policy may provide an exclusion for suicide within two years of the effective date of any increase in death benefits that results from an application or request of the owner subsequent to the policy issue date, and was subject to satisfactory proof of the insured's insurability.

(5) A provision allowing the policyholder to make partial surrenders or partial withdrawals. Any such provision shall provide that the policyholder may request part of the net cash surrender value in which case both the variable and minimum death benefits will be reduced commensurate with the percentage of the net cash surrender value received by the policyholder and the premium for the remaining amount of insurance will also be reduced to the appropriate rates for the reduced amount of insurance. The policy may provide that a partial surrender provision shall not require the insurer to reduce the amount of the minimum death benefit to less than the lowest amount of minimum death benefit which could have been issued to the insured under the insurer's rules at the time the policy was issued. The policy must clearly provide that the policyholder has the option of electing to exercise the policy loan or partial withdrawal provision rather than the partial surrender provision.

(6) A provision that if at any time, so long as the policy is in force other than under a nonforfeiture benefit, the variable death benefit is less than it would have been if no loan or withdrawal had ever been made, the policyholder may increase such variable death benefit up to what it would have been if there had been no loan or withdrawal by paying an amount not exceeding 110% of the corresponding increase in cash surrender value and by furnishing such evidence of insurability as the insurer may request.

(7) The policy may specify a reasonable minimum amount which may be borrowed at any time but such minimum shall not apply to any automatic premium loan provision.

(8) Any other policy provision approved by the Commissioner.