reglab/housing_qa huggingface dataset:
SC Code § 38-63-30 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-30. Lower life insurance rates for females lawful.

 Life insurers may quote lower rates to female applicants because of their more favorable life expectancy.  HISTORY: Former 1976 Code Section 38-63-30 [1985 Act No. 189, Section 1] recodified as Section 38-53-30 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-100 [1960 (51) 1758; 1962 Code Section 37-148.1] recodified as Section 38-63-30 by 1987 Act No. 155, Section 1.
SC Code § 38-63-40 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-40. Life insurance proceeds for insured's spouse, children, or dependents exempt from claims of insured's creditors; exceptions; certain other proceeds exempt from claims of beneficiary's or insured's creditors.

 (A) Proceeds and cash surrender values of life insurance payable to a beneficiary other than the insured's estate in which such proceeds and cash surrender values are expressed to be for the primary benefit of the insured's spouse, children, or dependents are exempt from creditors of the insured whether or not the right to change the beneficiary is reserved and whether or not the policy is payable to the insured if the beneficiary dies first except:  (1) if the insured has filed a petition in bankruptcy within two years of purchasing the insurance, such proceeds or cash surrender are only exempt as permitted by Section 15-41-30; or  (2) the amount of premiums paid and interest thereon with intent to defraud creditors;  (3) a creditor possessing a valid assignment from the policyowner may recover from either the cash surrender value or the proceeds of the life insurance policy the amount secured by the assignment with interest.  (B) Proceeds of life insurance or annuity contracts, by agreement, may be held by the insurer exempt from claims of the beneficiary's creditors.  (C) Proceeds of group life insurance contracts are exempt from claims of the creditors of the insured.  (D) Benefits of accident and disability contracts are exempt from claims of the creditors of the insured.  HISTORY: Former 1976 Code Section 38-63-40 [1985 Act No. 189, Section 1] recodified as Section 38-53-40 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-340 [1947 (45) 322; 1952 Code Section 37-169; 1962 Code Section 37-169] recodified as Section 38-63-40 by 1987 Act No. 155, Section 1; 1988 Act No. 305, Section 1; 1993 Act No. 89, Section 1.
SC Code § 38-63-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-50. Spendthrift provisions in settlement agreements are valid.

 When the proceeds of a life insurance policy becoming a claim by death of the insured are left with an insurance company under a trust or other agreement, the benefits accruing thereunder after the death of the insured are not transferable nor subject to computation or encumbrance nor to legal process, except in an action to recover for necessaries if the parties to the trust or other agreement so agree.  HISTORY: Former 1976 Code Section 38-63-50 [1985 Act No. 189, Section 1] recodified as Section 38-53-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-350 [1953 (48) 493; 1962 Code Section 37-169.1] recodified as Section 38-63-50 by 1987 Act No. 155, Section 1.
SC Code § 38-63-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-60. Industrial life insurance.

 Industrial life insurance is that form of life insurance provided by an individual contract under which premiums are payable weekly or monthly and having the words "INDUSTRIAL POLICY" printed in bold print upon the face of the policy as part of the title. No policy of life insurance delivered or issued for delivery in South Carolina may use industrial mortality tables unless the policy is an industrial life insurance policy.  HISTORY: Former 1976 Code Section 38-63-60 [1985 Act No. 189, Section 1] recodified as Section 38-53-60 by 1987 Act No. 155, Section 1; New Section 38-63-60 enacted by 1988 Act No. 482, Section 2.
SC Code § 38-63-80 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-80. Interest on lump sum payment of life insurance proceeds.

 When an individual life insurance policy provides for payment of its proceeds in a lump sum upon the death of the insured and the insurer fails to pay the proceeds within thirty days of submission of proof of death and all necessary claim papers needed in order to pay the claim properly, the payment must include interest at the legal rate from the date of death of the insured until the date the claim is paid.  HISTORY: Former 1976 Code Section 38-63-80 [1985 Act No. 189, Section 1] recodified as Section 38-53-80 by 1987 Act No. 155, Section 1; New Section 38-63-80 enacted by 1988 Act No. 416.
SC Code § 38-63-90 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-90. Attorneys' fees authorized.

 When a life insurer refuses to pay a claim on a life insurance policy within thirty days after a demand has been made by the beneficiary of the policy or contract, and a finding on suit of the contract made by the trial judge that the refusal was without reasonable cause or in bad faith, the insurer is liable to pay the beneficiary, in addition to any sum or any amount otherwise recoverable, all reasonable attorneys' fees for the prosecution of the case. The amount of reasonable attorneys' fees must be determined by the trial judge and the amount added to the judgment. If attorneys' fees are allowed and, on appeal by the defendant, the judgment is affirmed, the Supreme Court or the court of appeals shall allow to the respondent an additional sum as the court adjudged reasonable as attorneys' fees of the respondent on the appeal.  HISTORY: Former 1976 Code Section 38-63-90 [1985 Act No. 189, Section 1] recodified as Section 38-53-140 by 1987 Act No. 155, Section 1; New Section 38-63-90 enacted by 1988 Act No. 482, Section 5; 1999 Act No. 55, Section 39.
SC Code § 38-63-100 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-100. Charity or nonprofit corporation as life insurance beneficiary; construction of section.

 Notwithstanding any other provision of law, a bona fide charity or nonprofit corporation which is in compliance with the "Solicitation of Charitable Funds Act" (Chapter 55, Title 33) has an insurable interest in the life of an insured under a policy in which the charity or corporation is irrevocably named as a beneficiary provided that the application for insurance is signed by the insured.  The provisions of this section do not limit or abridge any insurable interest or right to insure now existing at common law or by statute, shall be construed liberally to sustain insurable interest, and shall stand as a declaration of existing law applicable to all life insurance policies in existence on or after the effective date of this section.  HISTORY: 1992 Act No. 352, Section 1.
SC Code § 38-63-210 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-210. Whole contract, including application, must appear in policy; oral applications.

 Every insurer doing a life insurance business in the State shall deliver with each policy of insurance issued by it a copy of the application made by the insured so that the whole contract appears in the application and policy of insurance. If the insurer violates this requirement, no defense is allowed to the policy on account of anything contained in, or omitted from, the application. If the insurance policy is issued upon an oral application, no defense is allowed to the policy on account of anything contained in, or omitted from, the oral application.  HISTORY: Former 1976 Code Section 38-63-210 [1985 Act No. 189, Section 1] recodified as Section 38-53-200 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-70 [1947 (45) 322; 1949 (46) 600; 1952 Code Section 37-146; 1962 Code Section 37-146; 1980 Act No. 305, Section 1] recodified as Section 38-63-210 by 1987 Act No. 155, Section 1.
SC Code § 38-63-225 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-225. Suicide and death exclusions.

 (A) If an individual life insurance policy contains a suicide provision, it may not limit payment of benefits for a period more than two years from the date of issue of the policy and it must provide for at least the return of premiums paid on the policy.  (B) An individual life insurance policy or rider to such a policy delivered or issued for delivery in this State may exclude or restrict liability in the event of death occurring while the insured is a resident in a specified foreign country or countries, but except as provided in subsection (A) may not contain any provision excluding or restricting liability in the event of death caused in a certain specified manner, except as a result of:  (1) death as a result of war, declared or undeclared, or any act or hazard of such a war;  (2) death as a result of operating, riding, or descending from an aircraft unless the insured is a passenger and the aircraft is operated commercially to transport passengers for hire or by a private business to transport personnel or guests;  (3) death as a result of hazardous occupations or hazardous sports specified in the policy or rider.  If death is caused in a manner excluded in the policy or rider, the policy must provide for at least the return of premiums paid on the policy less any indebtedness to the insurer on the policy.  (C) If an individual life insurance policy or rider contains any exclusions or restrictions of liability as allowed in subsection (B), the policy or rider must have a prominent stamp of notice of these exclusions or restrictions on the face of it and the insurer is required to have a separate form acknowledging the exclusions of liability signed by the owner of the policy.  HISTORY: 1988 Act No. 482, Section 3.
SC Code § 38-63-240 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-240. Interest rate on insurance policy loans.

 Life insurance policies issued after May 1, 1985, may not provide for policy loan interest rates of more than eight percent per annum, except as provided in Section 38-63-250.  HISTORY: Former 1976 Code Section 38-63-240 [1985 Act No. 189, Section 1] recodified as Section 38-53-230 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-730 [1984 Act No. 432, Section 3] recodified as Section 38-53-230 by 1987 Act No. 155, Section 1.
SC Code § 38-63-260 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-260. Policies with face value less than five thousand dollars.

 Notwithstanding any other provision of this article, for life insurance policies having a face value of less than five thousand dollars, life insurers may issue policies with an adjustable maximum policy loan interest rate when the policy loan is three hundred dollars or more, but, if the policy loan is less than three hundred dollars, a fixed policy loan interest rate of not more than eight percent per annum must be charged.  HISTORY: Former 1976 Code Section 38-63-260 [1985 Act No. 189, Section 1] recodified as Section 38-53-250 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-760 [1984 Act No. 432, Section 6] recodified as Section 38-63-250 by 1987 Act No. 155, Section 1.
SC Code § 38-63-270 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-270. Applicability to policies issued before effective date.

 The provisions of Sections 38-63-240 to 38-63-260 and of Section 38-63-280 do not apply to any insurance contract issued before May 1, 1985, unless the policyholder requests in writing the applicability of the provisions.  HISTORY: Former 1976 Code Section 38-63-270 [1985 Act No. 189, Section 1] recodified as Section 38-53-260 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-760 [1984 Act No. 432, Section 6] recodified as Section 38-63-260 by 1987 Act No. 155, Section 1.
SC Code § 38-63-280 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-280. Written disclosures.

 At the time an insurer makes a policy or premium loan that provides for periodic adjustment of policy or premium loan interest rates, the insurer shall provide a separate written disclosure form to the policyholder using plain understandable language that:  (a) Provides an explanation of the dollar impact on policy or premium loans when the adjustable interest rate moves up or down.  (b) Provides an explanation of the impact of a policy or premium loan on the benefits payable to the policyholder upon the death of the insured if a policy or premium loan remains unpaid at the time of death of the insured.  HISTORY: Former 1976 Code Section 38-63-280 [1985 Act No. 189, Section 1] recodified as Section 38-53-270 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-770 [1984 Act No. 432, Section 7] recodified as Section 38-63-270 by 1987 Act No. 155, Section 1.
SC Code § 38-63-510 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-510. Short title; operative date of valuation manual defined.

 (1) This article is known and may be cited as the "Standard Nonforfeiture Law for Life Insurance".  (2) The term "operative date of the valuation manual" means January first of the first calendar year that the valuation manual, as defined in Section 38-9-180, is effective.  HISTORY: Former 1976 Code Section 38-7-10 [1960 (51) 1554; 1962 Code Section 37-171; 1982 Act No. 403, Section 1] recodified as Section 38-63-510 by 1987 Act No. 155, Section 1; 2016 Act No. 148 (S.850), Section 2, eff April 21, 2016.  Effect of Amendment  2016 Act No. 148, Section 2, inserted paragraph identifier (1) and added (2).
SC Code § 38-63-530 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-530. Minimum cash surrender values.

 (1) In event of default. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by Section 38-63-520, must be an amount not less than the excess, if any, of the present value on such anniversary of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of (a) the then present value of the adjusted premiums as defined in Sections 38-63-570 to 38-63-600, corresponding to premiums which would have fallen due on and after such anniversary, and (b) the amount of indebtedness to the insurer on the policy.  Any policy issued on or after the operative date of Section 38-63-600, as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in the first paragraph of this section must be an amount not less than the sum of the cash surrender value as defined in that paragraph for an otherwise similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in that paragraph for a policy which provides only the benefits otherwise provided by the rider or supplemental policy provision.  Any family policy issued on or after the operative date of Section 38-63-600, as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age of seventy-one, the cash surrender value referred to in the first paragraph of this section must be an amount not less than the sum of the cash surrender value as defined in that paragraph for an otherwise similar policy issued at the same age without the term insurance on the life of the spouse and the cash surrender value as defined in that paragraph for a policy which provides only the benefits otherwise provided by the term insurance on the life of the spouse.  (2) On paid-up policies. Any cash surrender value available within thirty days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by Section 38-63-620, must be an amount not less than the present value on such anniversary of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.  HISTORY: Former 1976 Code Section 38-7-30 [1960 (51) 1554; 1962 Code Section 37-173; 1982 Act No. 403, Section 3] recodified as Section 38-63-530 by 1987 Act No. 155, Section 1.
SC Code § 38-63-540 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-540. Minimum paid-up nonforfeiture benefits.

 Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must be such that its present value as of such anniversary is at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this article in the absence of the condition that premiums must have been paid for at least a specified period.  HISTORY: Former 1976 Code Section 38-7-40 [1960 (51) 1554; 1962 Code Section 37-174] recodified as Section 38-63-540 by 1987 Act No. 155, Section 1.
SC Code § 38-63-550 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-550. Calculation of cash surrender values and paid-up nonforfeiture benefits when default occurs not on anniversary date of policy.

 Any cash surrender value and any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary must be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.  HISTORY: Former 1976 Code Section 38-7-50 [1960 (51) 1554; 1962 Code Section 37-175] recodified as Section 38-63-550 by 1987 Act No. 155, Section 1.
SC Code § 38-63-560 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-560. Additional benefits and premiums must be disregarded.

 Notwithstanding the provisions of Section 38-63-530, additional benefits payable: (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, this article 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 the term insurance expires before the child's age is twenty-six, 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; and (f) as other policy benefits additional to life insurance and endowment benefits, and premiums for all these additional benefits, must be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this article, and these additional benefits are not required to be included in any paid-up nonforfeiture benefits.  HISTORY: Former 1976 Code Section 38-7-60 [1960 (51) 1554; 1962 Code Section 37-175.1; 1964 (53) 2139] recodified as Section 38-63-560 by 1987 Act No. 155, Section 1.
SC Code § 38-63-580 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-580. Basis for calculation of adjusted premiums and present values of industrial policies.

 This section does not apply to industrial policies issued on or after the operative date of Section 38-63-600 as defined therein. All adjusted premiums and present values referred to in this article must, for policies of industrial insurance issued prior to January 1, 1968, be calculated on the basis of either the 1941 Standard Industrial Mortality Table or the Commissioners' 1961 Standard Industrial Mortality Table as may be elected by the insurer and approved by the Secretary of Commerce or his designee. However, adjusted premiums and present values for all policies of industrial insurance issued on or after January 1, 1968, must be calculated on the basis of the latter table. All calculations must be made on the basis of the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits so long as the rate of interest does not exceed three and one-half percent per annum, except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after January 3, 1976, and prior to January 1, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after January 1, 1979, except that for any single premium whole life or endowment insurance policy a rate of interest not exceeding six and one-half percent per annum may be used. However, in calculating the present value of any paid-up term insurance with the accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than one hundred thirty percent of the rates of mortality according to the 1941 Standard Industrial Mortality Table, if this table is used for calculating adjusted premiums and present values, or more than those shown in the Commissioners' 1961 Industrial Extended Term Insurance Table, if the Commissioners' 1961 Standard Industrial Mortality Table is used for calculating adjusted premiums and present values. For insurance issued on a substandard basis, the calculation of adjusted premiums and present values may be based on any other table of mortality as may be specified by the insurer and approved by the Secretary of Commerce or his designee.  HISTORY: Former 1976 Code Section 38-7-80 [1960 (51) 1554; 1962 Code Section 37-175.3; 1964 (53) 2139; 1976 Act No. 452 Section 1; 1978 Act No. 577 Section 1; 1982 Act No. 403, Section 5] recodified as Section 38-63-580 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 728; 1994 Act No. 361, Section 9.