Current through Register Vol. 48, No. 51, June 17, 2024
Part 2750.1500 - OTHER POLICY PROVISIONS Other policy provisions include the following:
A. Incidental insurance benefits, if offered, may be offered on a fixed or variable basis.B. Policies issued on a participating basis shall offer to pay dividend amounts in cash. In addition, the policies may offer the following dividend options:(1) the amount of the dividend may be credited against premium payments;(2) the amount of the dividend may be applied to provide amounts of additional fixed or variable benefit life insurance;(3) the amount of the dividend may be deposited in the general account at a specified minimum rate of interest;(4) the amount of the dividend may be applied to provide paid-up amounts of fixed benefit one-year term insurance;(5) the amount of the dividend may be deposited as a variable deposit in a separate account.C. A provision allowing the policyholder to elect in writing in the application for the policy or thereafter an automatic premium loan on a basis not less favorable than that required of policy loans under part 2750.1400, except that a restriction that no more than two consecutive premiums can be paid under this provision may be imposed.D. An exclusion for suicide within two years of the issue date of the policy. However, to the extent of the increased death benefits only, the policy may provide an exclusion for suicide within two years of any increase in death benefits which results from an application of the owner subsequent to the policy issue date.E. A provision allowing the policyholder to make partial withdrawals.F. Any other policy provision not inconsistent with this chapter or Minnesota law.Statutory Authority: MS s 61A.20