North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 12 - LIFE AND HEALTH DIVISION
Section .0400 - LIFE: GENERAL NATURE
Section 12 .0450 - REQUIREMENT FOR MODIFIED PREMIUM LIFE INSURANCE

Universal Citation: 11 NC Admin Code 12 .0450

Current through Register Vol. 38, No. 18, March 15, 2024

The application for a modified premium life insurance policy which has a higher first year premium shall contain an acknowledgment, signed by the applicant, stating that he understands:

(1) He is paying a higher first year premium; and

(2) If he discontinues the coverage, the only benefits available to him are those set forth in the non-forfeiture provision, regardless of the money paid in.

Authority G.S. 58-2-40; 58-58-1;
Eff. September 26, 1978;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018.

Disclaimer: These regulations may not be the most recent version. North Carolina 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.