Oregon Statutes 743.303 – Requirements for issuance of group life insurance policies
Policies of group life insurance are subject to the following requirements:
Terms Used In Oregon Statutes 743.303
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) The policy shall be issued upon the lives of persons who are associated in a common group formed for purposes other than the obtaining of insurance, except that either of the following kinds of policies may be issued to persons other than those in a common group:
(a) Group policies of credit life insurance; or
(b) Group policies of mortgage life insurance on first and second mortgages secured by real estate.
(2) No fewer than two lives are insured at the date of issue of the policy.
(3) The amounts of insurance under the policy shall be based on some plan precluding individual selection, except that optional supplemental insurance may be available to persons insured under the policy, if the amounts of such supplemental insurance are based upon age, salary, rank or similar objective standards.
(4) The premium for the policy must be paid from the funds of the group policyholder or from funds contributed by persons insured under the policy, or from both sources.
(5) For the purposes of this section, the term ‘mortgage’ includes trust deeds.
(6) As used in this section, ‘trust deed‘ has the meaning given in ORS § 86.705. [1967 c.359 § 412; 1971 c.231 § 44; 1991 c.182 § 4; 1993 c.426 § 1; 2007 c.560 § 2]