Maryland Code, INSURANCE 17-301
Terms Used In Maryland Code, INSURANCE 17-301
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) the provisions of §§ 17-302 through 17-311 of this subtitle; or
(2) provisions that in the opinion of the Commissioner are:
(i) more favorable to the insureds; or
(ii) at least as favorable to the insureds and more favorable to the policyholder.
(b) (1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.
(2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.
(3) If a policy of group life insurance is on a plan other than the term plan, the policy:
(i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but
(ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.