11 NCAC 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.

History Note:        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.