North Carolina General Statutes 58-60-95. Purpose; intent; and scope
(a) The purpose of this Part is to establish standards that ensure meaningful information is provided to the purchasers of small face amount policies.
(b) This Part applies to any life insurance policy or certificate with an initial face amount of fifteen thousand dollars ($15,000) or less.
(c) This Part does not apply to:
(1) Variable life insurance.
Terms Used In North Carolina General Statutes 58-60-95
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(2) Individual and group annuity contracts.
(3) Credit life insurance.
(4) Group or individual policies of life insurance issued to members of an employer group or other permitted group where:
a. Every plan of coverage was selected by the employer or other group representative;
b. Some portion of the premium is paid by the group or through payroll deduction; and
c. Group underwriting or simplified underwriting is used.
(5) Policies and certificates where an illustration has been provided pursuant to the requirements of Title 11, Chapter 4, Section .0500 of the North Carolina Administrative Code. (2005-234, s. 1.10.)