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
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.