reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  16-107 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-107 - Contestability and Liability of Reinstated Policies and Contracts

    (a)    A reinstated policy of life insurance or reinstated annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period after reinstatement and with the same conditions and exceptions as the policy or annuity contract provides with respect to contestability after original issue.    (b)    (1)    A reinstated policy of life insurance or reinstated annuity contract may exclude or restrict liability to the same extent that liability might have been or was excluded or restricted when the policy or annuity contract originally was issued.        (2)    The exclusion or restriction is effective as of the date of reinstatement.
MD. Insurance Code Ann. §  16-108 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-108 - Holding Proceeds

    (a)    A life insurer may hold under agreement the proceeds of a policy issued by it on the terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with the exemptions from the claims of creditors of beneficiaries other than the policyholder, as set forth in the policy or as agreed to in writing by the life insurer and the policyholder.    (b)    If a policyholder has not made an agreement described in subsection (a) of this section, on maturity of the policy the life insurer may hold the proceeds of the policy under an agreement with the beneficiaries.    (c)    The life insurer need not segregate any funds held under this section, but may hold the funds as part of the life insurer’s general assets.
MD. Insurance Code Ann. §  16-109 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-109 - Interest on Benefits Payable

    (a)    Except as provided in subsection (b) of this section, interest on benefits payable under a policy of life insurance issued in the State accrues and is payable from the date of death of the insured to the date the proceeds of the policy are paid.    (b)    (1)    An insurer need not pay interest on benefits if the proceeds of the policy are paid within 30 days after the date of death of the insured.        (2)    If proof of death is submitted to the insurer more than 180 days after the date of death of the insured, interest accrues and is payable from the date on which proof of death is submitted to the date on which the proceeds of the policy are paid.    (c)    Interest under this section accrues and is payable at a rate not less than the rate of interest payable on death proceeds left on deposit with the insurer.
MD. Insurance Code Ann. §  16-110 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-110 - Payment of Proceeds Without Letters of Administration

    (a)    If a resident of the State dies intestate and leaves an estate that consists of assets, including life insurance proceeds, in a total amount not exceeding $1,000, an insurer may pay the life insurance proceeds to the decedent’s surviving spouse, child, or parent, without the grant of letters of administration, if the individual to whom payment is to be made provides the insurer with:        (1)    an affidavit that states that the entire estate of the decedent, including life insurance proceeds, does not exceed $1,000; or        (2)    a letter of administration as provided by the Small Estate Law, §§ 5-601 through 5-607 of the Estates and Trusts Article.    (b)    The insurer may pay the share of a minor to an institution or to a relative of the minor, with custody of the minor, without requiring the institution or relative to be appointed the legal guardian of the minor.    (c)    Payment by an insurer under this section, or under a facility of payment clause in a policy of life insurance, discharges the insurer from all further liability with respect to the life insurance proceeds.
MD. Insurance Code Ann. §  16-111 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-111 - Proceeds Exempt From Creditors

    (a)    The proceeds of a policy of life insurance or under an annuity contract on the life of an individual made for the benefit of or assigned to the spouse, child, or dependent relative of the individual are exempt from all claims of the creditors of the individual arising out of or based on an obligation created after June 1, 1945, whether or not the right to change the named beneficiary is reserved or allowed to the individual.    (b)    For purposes of this section, proceeds include death benefits, cash surrender and loan values, premiums waived, and dividends, whether used to reduce the premiums or used or applied in any other manner, except if the debtor has, after issuance of the policy, elected to receive the dividends in cash.    (c)    This section does not prohibit a creditor from collecting a debt out of the proceeds of a life insurance policy pledged by the insured as security for the debt.    (d)    A change of beneficiary, assignment, or other transfer is valid except for transfer with actual intent to hinder, delay, or defraud creditors.
MD. Insurance Code Ann. §  16-112 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-112 - Prohibited Agreements or Plans

    A life insurer may not deliver in the State, as part of or in combination with an insurance, endowment, or annuity contract, and additional to the rights, dividends, and benefits arising out of the contract, an agreement or plan that:         (1)    provides for the accumulation of profits over a period of years and for payment of all or part of the accumulated profits only to members or policyholders of a designated group or class who continue as members or policyholders until the end of a specified period of years;        (2)    provides that, on the death of anyone other than a beneficiary or an insured under the contract, the owner or beneficiary of the contract shall receive the payment or granting of anything of value;        (3)    provides that all or part of the premiums or consideration for the contract, dividends, coupons, reserves, special reserves, excess interest, or money in excess of the normal reserve required to meet the contractual guarantees of the contract are to be placed or invested in special funds or segregated accounts without insurance or life contingency features, if the funds or earnings are divided among those taking the contract or their beneficiaries or assignees; or        (4)    as an inducement to or in connection with the sale or acceptance of the contract, provides for:            (i)    the sale, solicitation, or delivery of stock or shares of stock in a company;            (ii)    a benefit certificate, securities, or special advisory board contract, or other similar contracts or resolutions; or            (iii)    policy dividends bearing a stated relationship to dividends on the stock of a company.
MD. Insurance Code Ann. §  16-115 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-115 - Business of Burial Insurance

    (a)    A person who engages in the business of burial insurance is subject to and shall comply with all of the provisions of this article relating to the organization, qualification, and conduct of life insurers.    (b)    This section does not limit or restrict the definitions of life insurance or life insurer in § 1-101 of this article.
MD. Insurance Code Ann. §  16-116 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-116 - Public Entity

    (a)    In this section, “public entity” means:        (1)    a political subdivision of the State;        (2)    a unit of the State or a local government; or        (3)    a nonprofit or nonstock corporation that:            (i)    receives 50% or more of its annual operating budget from the State or a local government; and            (ii)    is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.    (b)    Public entities may pool together to purchase life insurance or to self-insure against life risks.
MD. Insurance Code Ann. §  16-120 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 1 - General Provisions|Section 16-120 - Maintenance of Records of Insurance Transactions

    Except as otherwise provided in this title, an insurer shall maintain records of insurance transactions related to each individual or group policy of life insurance and each individual or group annuity for a period of at least 7 years after the policy or annuity is no longer in effect.
MD. Insurance Code Ann. §  16-201 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-201 - Standard Provisions Required; Exceptions

    (a)    Except as otherwise provided in this section, a policy of life insurance may not be delivered or issued for delivery in the State unless it contains in substance each applicable provision required by §§ 16-202 through 16-213 of this subtitle.    (b)    This section does not apply to:        (1)    group life insurance;        (2)    pure endowments;        (3)    annuity contracts; or        (4)    a provision of a policy of life insurance or contract supplemental to the policy that relates to disability benefits or to additional benefits for death by accident or accidental means.    (c)    To the extent that a provision or part of a provision required by this subtitle does not apply to a single premium or term policy, the provision or part of the provision need not be included in the policy.
MD. Insurance Code Ann. §  16-202 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-202 - Grace Period

    (a)    (1)    Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made.        (2)    The grace period shall be:            (i)    30 days;            (ii)    at the option of the insurer, 1 month of not less than 30 days; or            (iii)    4 weeks, for a policy of industrial life insurance with premiums payable more frequently than monthly.    (b)    The policy continues in full force during the grace period.    (c)    If a claim arises under the policy during the grace period, the amount of any premium due or overdue may be deducted from the policy proceeds.
MD. Insurance Code Ann. §  16-203 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-203 - Incontestability

    (a)    Each policy of life insurance shall contain a provision that the policy is incontestable, except for nonpayment of premiums, after the policy has been in force during the lifetime of the insured for 2 years after its date of issue.    (b)    The incontestability provision described in subsection (a) of this section does not apply to policy provisions that relate to disability benefits or to additional benefits for death by accident or accidental means.    (c)    A provision in a policy of life insurance that provides that the policy is incontestable after a specified period:        (1)    precludes only a contest of the validity of the policy; and        (2)    does not preclude the assertion of defenses based on provisions in the policy that exclude or restrict coverage, whether or not the restrictions or exclusions are excepted in the provision.
MD. Insurance Code Ann. §  16-204 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-204 - Contract Between Parties; Effect of Statements in Application

    (a)    Each policy of life insurance shall contain a provision that the policy, or the policy and the application for the policy if a copy of the application is endorsed on or attached to the policy when issued, constitute the entire contract between the parties.    (b)    If the application is made part of the policy, the policy shall contain a provision that the statements in the application, in the absence of fraud, are considered representations and not warranties.
MD. Insurance Code Ann. §  16-205 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-205 - Misstatement of Age

    (a)    Each policy of life insurance shall contain a provision that if the age of the insured or of any other individual whose age is considered in determining the premium or benefit has been misstated, the amount payable or benefit accruing under the policy shall be the amount or benefit that the premium would have purchased had the correct age been stated.    (b)    (1)    If an application or policy expressly limits the insurable age and the correct age at the date of issue is outside the insurable age limit, the policy is voidable at the option of the insurer during the lifetime of the insured, but not later than 3 years after the date of issue of the policy.        (2)    If the insurer exercises the option to void the policy, the insurer shall return to the insured the aggregate of gross premiums charged on the policy, less:            (i)    dividends paid in cash or used to pay premiums on the policy; and            (ii)    any indebtedness to the insurer on the policy, including interest due and accrued.        (3)    The insurer may not exercise the option to void the policy more than 30 days after the correct age is established.        (4)    Subject to paragraph (5) of this subsection, if the insurer does not exercise the option to void the policy or if the age discrepancy is not discovered within 3 years after the date of issue of the policy, the insurer may not void the policy and the amount payable shall be determined in accordance with subsection (a) of this section.        (5)    If the premium rates of the insurer at the date of issue of the policy do not include a rate for the correct age, the amount payable shall be determined in accordance with established actuarial principles.
MD. Insurance Code Ann. §  16-206 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-206 - Dividends

    (a)    (1)    Each participating ordinary life insurance policy shall contain a provision that:            (i)    each year the insurer shall determine and apportion any divisible surplus under the policy that will accrue on the policy anniversary or other dividend date specified in the policy; and            (ii)    the dividends arising from the apportionment shall be credited each year beginning not later than the end of the third policy year.        (2)    Each participating industrial life insurance policy shall contain a provision that:            (i)    each year the insurer shall determine and apportion any divisible surplus under the policy that will accrue on the policy anniversary or other dividend date specified in the policy; and            (ii)    the dividends arising from the apportionment shall be credited each year beginning not later than the end of the fifth policy year.        (3)    The policy may not contain a provision that the payment of any dividend payable under this section is contingent on the payment of any premium due on or after the date when the dividend becomes payable.    (b)    (1)    Subject to paragraph (2) of this subsection, each policy shall contain a provision that the party entitled to the dividend may elect to have the dividend:            (i)    paid in cash;            (ii)    applied to the payment of any premium then due;            (iii)    applied to provide paid-up additions to the policy; or            (iv)    left to accumulate at an interest rate not less than the rate specified in the policy.        (2)    A term policy need not provide the dividend options specified in paragraph (1)(iii) and (iv) of this subsection.        (3)    Each participating ordinary life insurance policy shall contain a provision that a specified option becomes effective unless the party entitled to the dividend notifies the insurer in writing of a different option within 30 days after the date on which the dividend is payable.    (c)    If a participating policy provides that the benefit under any paid-up nonforfeiture provision is to be participating, the policy may provide that any divisible surplus apportioned while the insurance is in force under the nonforfeiture provision shall be applied in any manner specified in the policy.    (d)    This section does not prohibit an insurer from granting to the party entitled to the dividends the right to elect another dividend option offered by the insurer in addition to the options required by this section, whether or not the additional option is specified in the policy.    (e)    This section does not prohibit payment of additional dividends on default of payment of premiums or on termination of the policy.
MD. Insurance Code Ann. §  16-207 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-207 - Policy Loans

    (a)    This section does not apply to:        (1)    term policies;        (2)    term insurance benefits provided by rider or supplemental policy provisions; or        (3)    industrial life insurance policies.    (b)    Each policy of life insurance shall contain a provision that, on proper assignment or pledge of the policy and on the sole security of the policy, the insurer shall advance an amount equal to, or at the option of the party entitled to the advance, an amount not exceeding the loan value of the policy:        (1)    after premiums have been paid for at least 3 years;        (2)    after the policy has a cash surrender value; and        (3)    while no premium is in default beyond the grace period.    (c)    (1)    Except as provided in paragraph (2) of this subsection and subject to § 16-208 of this subtitle, the insurer may charge interest on the advance at a rate specified in the policy not exceeding an effective rate of 6% per year.        (2)    The Commissioner may authorize an interest rate exceeding an effective rate of 6% but not exceeding 8% per year if the Commissioner finds that a greater rate will reduce the net cost of life insurance offered by the insurer in direct relationship to the revenue from the increase.    (d)    (1)    Subject to paragraph (2) of this subsection, the loan value of a policy shall at least equal the cash surrender value of the policy at the end of the current policy year.        (2)    In determining the cash surrender value of a policy, the insurer may deduct from the loan value or from the proceeds of the loan:            (i)    any existing indebtedness to the insurer not already deducted including any interest then accrued but not due;            (ii)    any unpaid balance of the premium for the current policy year; and            (iii)    interest on the loan to the end of the current policy year.    (e)    Each policy may also contain a provision that:        (1)    interest on any indebtedness that is not paid when due shall be added to the existing indebtedness and shall bear interest at the same rate; and        (2)    the policy terminates if:            (i)    the total indebtedness on the policy, including interest due or accrued, equals or exceeds the amount of the loan value of the policy; and            (ii)    at least 30 days before termination, the insurer mails notice to the last known address of the insured or policy owner and of any assignee of record at the home office of the insurer.    (f)    Each policy shall allow the insurer to defer granting a loan, other than for the payment of a premium to the insurer, for 6 months after application for the loan.    (g)    Except for those policies that require weekly premium payments, each policy shall provide for an automatic premium loan, subject to an election by the party entitled to elect.
MD. Insurance Code Ann. §  16-209 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-209 - Table of Installment Benefits

    If a policy of life insurance provides that the proceeds may be paid in installments or as an annuity, the policy shall contain a provision that so states and shall include a table that shows the amount and period of the installment or annuity if determinable when the policy is issued.
MD. Insurance Code Ann. §  16-210 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-210 - Reinstatement

    (a)    Each policy of life insurance shall contain a provision that, subject to subsection (b) of this section, a policy of industrial life insurance will be reinstated within 2 years and any other policy of life insurance will be reinstated within 3 years after the due date of the first premium in default on:        (1)    written application for reinstatement;        (2)    the production of evidence of insurability satisfactory to the insurer; and        (3)    the payment of all premiums in arrears and the payment or reinstatement of any other indebtedness to the insurer on the policy, with interest on the premiums and other indebtedness at a specified rate not exceeding an effective rate of 6% per year compounded annually.    (b)    The policy shall provide that reinstatement is not allowed if:        (1)    the policy has been surrendered for its cash surrender value;        (2)    the cash surrender value of the policy has been exhausted because of policy indebtedness; or        (3)    any paid-up term insurance has expired.
MD. Insurance Code Ann. §  16-211 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-211 - Payment of Benefits

    (a)    Each policy of life insurance shall contain a provision that when benefits become payable because of the death of the insured, settlement shall be made on receipt of proof of death and, at the insurer’s option, on surrender of the policy, proof of the interest of the claimant, or both.    (b)    The provision also shall state that benefits include the refund of premiums paid after the month in which death occurred.