11 N.C. Admin. Code 12.0450

Current through Register Vol. 39, No. 13, January 2, 2025

Section 12 .0450 - REQUIREMENT FOR MODIFIED PREMIUM LIFE INSURANCE

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.

11 N.C. Admin. Code 12 .0450

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.

Authority G.S. 58-2-40; 58-58-1;
Eff. September 26, 1978.