Me. Rev. Stat. tit. 24-A, ch. 29 – Life Insurance and Annuity Contracts | Midpage

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Maine Revised Statutes

Chapter 29

Me. Rev. Stat. tit. 24-A, ch. 29

Life Insurance and Annuity Contracts

2501Scope of chapter 2502Industrial life insurance defined 2503Standard provisions required 2504Payment of premiums 2505Grace period 2506Entire contract 2507Incontestability 2508Misstatement of age 2509Dividends 2510Policy loan 2511Table of installments 2512Reinstatement 2513Payment of claims 2514Beneficiary, industrial policies 2515Title 2515-ARight to examine and return policy 2516Excluded or restricted coverage 2517Standard provisions -- annuity and pure endowment contracts 2518Grace period -- annuities 2519Incontestability -- annuities 2520Entire contract -- annuities 2521Misstatement of age or sex -- annuities 2522Dividends -- annuities 2523Reinstatement -- annuities 2524Standard provisions -- reversionary annuities 2525Limitation of liability 2526Prohibited provisions 2526-AAcquired Immune Deficiency Syndrome 2527Provisions required by law of other jurisdiction 2528Short title 2529Nonforfeiture provisions 2530Cash surrender value 2531Paid-up nonforfeiture benefits 2532Adjusted premiums for policies issued before the operative date of section 2532-A 2532-AAdjusted premiums for policies issued on or after January 1, 1989, or elected operative date of this section 2532-BSuperintendent's authority to approve certain new plans 2533Calculation of cash surrender value of certain policies on default 2533-AAdditional provisions for policies issued after January 1, 1987 2534Exceptions 2535Incontestability, limitation of liability after reinstatement 2536Participating, nonparticipating policies -- right to issue 2537Separate accounts 2538Prohibited policy plans 2539Holding proceeds of policies in trust 2540"Wholesale life insurance" defined 2541Short title 2542Applicability 2543Nonforfeiture provisions 2544Minimum values 2545Computation of present value 2546Calculation of cash surrender values 2547Calculation of paid-up annuity benefits 2548Maturity date 2549Disclosure of limited death benefits 2550Inclusion of lapse of time considerations 2551Proration of values; additional benefits 2552Definitions 2553Maximum rate of interest on policy loans 2554Applicability to existing policies 2555Inclusion of nursing home benefits in life insurance policies 2556Notification prior to lapse or termination