- (1) An insurer may offer a waiver of premium as part of the accelerated benefit provision in the absence of a regular waiver of premium provision.
- (2) When an accelerated benefit is included in an individual term policy or an individually-paid group certificate, the accelerated benefit provision must include a waiver of premium provision for any remaining face amount.
- (3) A term rider shall not be affected by the payment of the accelerated benefit if premiums continue to be paid for the rider.
Statutory/Other Authority
ORS 731.244 & 743.154
Statutes/Other Implemented
ORS 743.154
History
ID 1-1996, f. & cert. ef. 1-12-96
ID 8-1992, f. 5-26-92, cert. ef. 6-1-92