North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 12 - LIFE AND HEALTH DIVISION
Section .1200 - ACCELERATED BENEFITS
Section 12 .1205 - CRITERIA FOR PAYMENT
Current through Register Vol. 39, No. 6, September 16, 2024
(a) Lump Sum Settlement Option Required. Contract payment options shall include the option to take the benefit as a lump sum. The benefit shall not be made available as an annuity that is contingent upon the life of the insured.
(b) Restrictions on Use of Proceeds. No restrictions by the insurer are permitted on the use of the proceeds by the insured.
(c) Accidental Death Benefit Provisions. If any death benefit remains after payment of an accelerated benefit, any accidental death benefit provision in the policy or rider shall not be affected by the payment of the accelerated benefit.
Authority
G.S.
58-2-40;
58-3-150;
58-7-15(1);
58-58-1;
Eff. March 1,
1992;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. May 1, 2018.
