1. (a) This subtitle does not apply to:

   1. (1) reinsurance;
   2. (2) group life insurance;
   3. (3) a pure endowment;
   4. (4) an annuity contract or reversionary annuity contract;

   5. (5) a term policy of a uniform amount that:

      1. (i) does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;
      2. (ii) is for 20 years or less and expires before the insured's age 71; and
      3. (iii) requires uniform premiums, payable during the entire term of the policy;

   6. (6) a term policy of a decreasing amount:

      1. (i) that does not provide guaranteed nonforfeiture or endowment benefits; and

      2. (ii) on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:

         1. 1. does not provide guaranteed nonforfeiture or endowment benefits;
         2. 2. is issued at the same age and for the same initial amount of insurance;
         3. 3. is for 20 years or less and expires before the insured's age 71; and
         4. 4. requires uniform premiums, payable during the entire term of the policy; or

   7. (7) a policy that:

      1. (i) does not provide guaranteed nonforfeiture or endowment benefits; and
      2. (ii) has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.
2. (b) For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.

Formerly Art. 48A, § 414.