Oregon Statutes 743.222 – Policy benefits and premiums that shall be disregarded in calculating cash surrender values and paid-up nonforfeiture benefits
(1) Notwithstanding ORS § 743.210, in ascertaining minimum cash surrender values and paid-up nonforfeiture benefits required by the Standard Nonforfeiture Law for Life Insurance, benefits and their respective premiums provided for in a life insurance policy shall be disregarded where the benefits are payable:
Terms Used In Oregon Statutes 743.222
- 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.
(a) In the event of death or dismemberment by accident or accidental means;
(b) In the event of total and permanent disability;
(c) As reversionary annuity or deferred reversionary annuity benefits;
(d) As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, the Standard Nonforfeiture Law for Life Insurance would not apply;
(e) As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child’s age is 26, is uniform in amount after the child’s age is one, and has not become paid up by reason of the death of a parent of the child; or
(f) As other policy benefits additional to life insurance and endowment benefits.
(2) No benefits such as are described in subsection (1) of this section are required to be included in any paid-up nonforfeiture benefits. [Formerly 739.370; 1981 c.609 § 20]