New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 42 - Term Life Issuance And Renewal Restrictions; Nonforfeiture Values For Certain Life Insurance Policies
Subpart 42-2 - Term Life Issuance And Renewal Restrictions; Nonforfeiture Values For Certain Life Policies Issued On Or After January 1, 2008
Section 42-2.5 - Joint life mortality
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Minimum nonforfeiture values are based on the exact joint life mortality using mortality tables that would be required for each single life and assuming that the mortality of the joint lives are independent.
(b) Minimum nonforfeiture values and policy disclosures may be based on the use of joint life mortality throughout the lifetime of the policy. Minimum nonforfeiture values and policy disclosures on each possible status of the lives under the terms of the policy is also acceptable if the disclosures and minimum value requirements of the Insurance Law are met for each possible status. For example, if the status of a second to die policy is based on a single life status after the first death, then the required disclosures under section 4221 (a)(5) of the Insurance Law must be shown in the policy for each possible status of joint or single life.
