Current through Register Vol. 54, No. 37, September 14, 2024
Section 90h.6 - Termination of coverageThe form discloses the conditions under which the coverage terminates.
(1)Benefit provided by rider.(i) The following conditions are disclosed if the benefit is provided by a rider. (A) Written request from the owner for termination.(B) Termination of the policy.(C) Nonpayment of premium.(D) The total amount of charges waived equals the maximum amount. This condition is disclosed if a benefit is built into a policy.(ii) The form may or may not provide for a continuation of the waiver benefit during the confinement period if the owner is receiving a benefit at the time the rider terminates.(2)Termination condition disclosed. The following termination condition is disclosed if applicable: When a policy nonforfeiture option takes effect. This complies with § 89.42(e) (relating to nonforfeiture value requirements). Alternatively, this termination condition is disclosed in the policy.(3)Termination condition not disclosed. The following termination condition is not disclosed: Attainment of a specific age or contract anniversary, or both, other than at an age or anniversary at which the policy terminates.