reglab/housing_qa huggingface dataset:
MS Code § 83-7-7 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-7. Policy beneficiary designations of trustees

  Life insurance may be made payable to a trustee to be named as beneficiary in the policy and the proceeds of such insurance shall be paid to such trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during his lifetime. It shall not be necessary to the validity of any such trust agreement or declaration of trust that it have a trust corpus other than the right of the trustee to receive such insurance proceeds as beneficiary.   A policy of life insurance may designate as beneficiary a trustee or trustees named by will. The proceeds of such insurance shall be payable to the trustee or trustees to be held and disposed of under the terms of the will as they exist as of the time of the death of the testator. If no such trustee makes claim to the proceeds from the insurance company within eighteen (18) months after the death of the insured, or if satisfactory evidence is furnished to the insurance company within such eighteen-month period showing that there is or will be no trustee to receive the proceeds, payment shall be made by the insurance company to the executors, administrators, or assigns of the insured, unless otherwise provided by agreement with the insurance company during the lifetime of the insured.   The proceeds of the insurance as received by the trustee or trustees shall not be subject to debts of the insured nor to transfer or estate tax to any greater extent than if such proceeds were payable to the beneficiary or beneficiaries named in the trust and not to the estate of the insured.   Such insurance proceeds so held in trust may be commingled with any other assets which may properly come into such trust.   Nothing in this section shall affect the validity of any life insurance policy beneficiary designation heretofore made naming trustees of trusts established by living trust or by will.
MS Code § 83-7-9 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-9. Assignment of group life insurance policy

 Subject to the terms of the policy or pursuant to an agreement between the insured, the group policyholder, and the insurer, any person insured under a group life insurance policy may make to any other person, other than the policyholder, an assignment of all or any part of the incidents of ownership conferred on him by the policy or by law, including specifically, but not by way of limitation, the right to exercise the conversion privilege and the right to name a beneficiary.
MS Code § 83-7-11 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-11. Penalty for false statement as to publication

 Any solicitor, agent, examining physician, or other person who shall knowingly or wilfully make any false or fraudulent statement or representation in or with reference to any publication for insurance, or who shall make any such statement for the purpose of obtaining fee, commission, money, or benefit in any corporation transacting business under this chapter, shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), or imprisonment in the county jail for not less than thirty (30) days.
MS Code § 83-7-13 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-13. Application of insured to be filed with policy of insurance

 All life insurance companies doing business in the State of Mississippi shall deliver to the insured with the policy, certificate, or contract of insurance in any form a copy of the insured's application; and in default thereof, said life insurance company shall not be permitted in any court of this state to deny that any of the statements in said application are true.
MS Code § 83-7-15 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-15. Misstatement of age not to invalidate policy

 Any misstatement of age in any policy, certificate, or contract of life insurance in any form shall not invalidate said policy, certificate, or contract of life insurance; but in such a case when a loss occurs, the beneficiaries shall recover on said policy, certificate, or contract of insurance such an amount of insurance as the premiums paid would have purchased for the insured at his actual age, reckoning according to the rate tables of said insurance company.
MS Code § 83-7-17 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-17. Policies to show plainly on face kind and character; fees for commissioner's approval; expedited form and rate review procedure

  All life insurance companies other than fraternal beneficiary associations, authorized to do the business of life insurance in this state, are hereby required to print or stamp in conspicuous type on the face or first page of each and every policy sold to citizens of this state words indicating correctly and fully the kind and character of the policy. The same words shall also be printed or stamped on the back or title page of every such policy so that they may be easily seen and read when the policy is folded. Every such life insurance company shall submit to the commissioner for his approval the words required in this section to be printed on each policy, together with a sample copy of every kind or class of policies offered for sale in this state; and every life insurance company shall print on each of its policies sold to citizens of this state such words as the Insurance Commissioner shall approve. The license of any insurance company doing business in this state may be revoked by the commissioner for violating any of the provisions of this section. A policy of life insurance shall not be issued or delivered in this state until the form has been approved and filed by the Insurance Commissioner.   The commissioner shall collect and pay into the Insurance Department Fund in the State Treasury the following fees for services provided under this section:  Click to view    In order to expedite and become more efficient in reviewing and approving life, credit life and annuity form and rate filings, the commissioner may establish an expedited form and rate review procedure whereby insurers may elect to pay reasonable actuarial fees directly to a department-approved actuarial service in exchange for an expedited review of form and rate filings by the actuarial service. The commissioner may make such reasonable rules and regulations concerning the expedited procedure, and may set reasonable fees for the actuarial services provided. This provision shall not abridge any other authority granted to the commissioner by law, including the authority to collect the filing fees prescribed by this section.    FORM FEE Each individual policy contract, including revisions $15.00 Each group master policy or contract, including revisions 15.00 Each rider, endorsement or amendment, etc 10.00 Each insurance application where written application is required and is to be made a part of the policy or contract 10.00 Each questionnaire 7.00 Charge for resubmission where payment is not included with original submission 5.00 Additional charge for tentative approval same as above.
MS Code § 83-7-19 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-19. Minors may make insurance contract

 Any minor of the age of fifteen (15) years nearest birthday or more may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for the benefit of his father, mother, husband, wife, child, brother, sister, or any person having an insurable interest in the life of such minor and may, with the approval of the chancery court, contract for life insurance for his benefit on the life of any person owning an estate of any kind in which the minor is to participate or to receive benefits upon the death of such person, either by inheritance or by will. Such minor may exercise all such contractual rights with respect to any such contract of insurance as might be exercised by a person of full legal age and may at any time surrender his or her interest in any such insurance or give a valid discharge for any benefit accruing or money due thereunder.   The guardian of any minor under the age of fifteen (15) years may, with the approval of the chancery court, contract for life insurance for the benefit of his ward on the life of any person under the conditions hereinabove set forth.
MS Code § 83-7-27 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-27. Separate accounts to fund pension or profit sharing plans or to provide for life insurance or annuities

 Any domestic life insurance company may establish one (1) or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to fund pension or profit sharing plans or to provide for life insurance or annuities (and benefits incidental thereto), payable in fixed or variable amounts or both.
MS Code § 83-7-29 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-29. Investment of amounts allocated to separate accounts

  Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in subsection (2) of this section:   amounts allocated to any separate account and accumulations thereon may be invested and reinvested without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies; and   the investments in such separate account or accounts shall not be taken into account in applying the investment limitations otherwise applicable to the investments of the company.     Except with the approval of the commissioner of insurance and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:   benefits guaranteed, as to dollar amount and duration; and   funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account.     No sale, exchange or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one (1) or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to establish the account or to support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, whether into or from a separate account is made:   by a transfer of cash; or   by a transfer of securities having a readily determinable market value, provided that such transfer of securities is approved by the commissioner of insurance. The commissioner of insurance may approve other transfers among such accounts if, in his opinion, such transfers would not be inequitable.
MS Code § 83-7-31 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-31. Crediting of income or charging of losses on separate accounts

 The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account without regard to other income, gains or losses of the company.
MS Code § 83-7-33 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-33. Valuation of assets allocated to separate accounts

 Unless otherwise approved by the commissioner of insurance, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is not readily available market, then in accordance with the terms of the contract or the rules or other written agreement applicable to such separate account; provided, that unless otherwise approved by the commissioner of insurance, that portion if any of the assets of such separate account equal to the company's reserve liability with regard to the guaranteed benefits and funds referred to in Section 83-7-29, if any, shall be valued in accordance with the rules otherwise applicable to the company's assets.
MS Code § 83-7-35 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-35. Ownership of amounts allocated to separate accounts

 The amounts allocated to a separate account in the exercise of the power granted by Sections 83-7-27 through 83-7-49 shall be owned by the company, and the company shall not be, or hold itself out to be, a trustee with respect to such amounts. To the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the company may conduct.
MS Code § 83-7-37 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-37. Powers of domestic companies establishing separate accounts

 To the extent any domestic life company deems it necessary to comply with any applicable federal or state law, such company, with respect to any separate account, including without limitation any separate account which is a management investment company or a unit investment trust, may provide for persons having an interest therein appropriate voting and other rights and special procedures for the conduct of the business of such account, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of independent public accountants, and the selection of a committee, the members of which need not be otherwise affiliated with such company, to manage the business of such account.
MS Code § 83-7-39 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-39. Reserve liability for variable contracts

 The reserve liability for variable contracts shall be established in accordance with actuarial procedures which recognize the variable nature of the benefits to be provided and any mortality guarantees.
MS Code § 83-7-41 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-41. Contents of contract delivered or issued for delivery in state providing for benefits in variable amounts

 If any contract delivered or issued for delivery in this state provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amounts of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement that the benefits thereunder are on a variable basis.
MS Code § 83-7-43 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-43. Authority to deliver or issue for delivery within state contracts providing for benefits in variable amounts

 No domestic life insurance company and no other life insurance company shall deliver or issue for delivery within this state, variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and has satisfied the commissioner of insurance that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner of insurance shall consider among other things:   the history and financial condition of the company;   the character, responsibility and general fitness of the officers and directors of the company; and   the law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.   If the company is a subsidiary of an admitted life insurance company, or affiliated with such company through common management or ownership, it may be deemed by the commissioner of insurance to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements hereof.
MS Code § 83-7-45 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-45. Authority of commissioner to regulate issuance and sale of contracts for separate accounts and those who issue and sell them

 Notwithstanding any other provision of law, the commissioner of insurance shall have sole and exclusive authority to regulate the issuance and sale of contracts for which separate accounts may be established, the insurers which issue them and the agents or other persons who sell them. The commissioner of insurance also shall have the sole authority to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of Sections 83-7-27 through 83-7-49, including rules and regulations applicable to the licensing and qualification of agents or other persons who sell such contracts.
MS Code § 83-7-49 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-49. Application of insurance laws to separate accounts; contents of individual variable life insurance contracts

 Except for Section 83-7-25 of the insurance law in the case of a variable life insurance policy and except as otherwise provided in Sections 83-7-27 through 83-7-49, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and contracts issued in connection therewith. Any individual variable life insurance contract, delivered or issued for delivery in this state shall contain nonforfeiture provisions appropriate to such a contract.
MS Code § 83-7-51 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|General Provisions|§ 83-7-51. Notice of right to return policy; effect of return

 Every individual life insurance policy or contract issued for delivery in the State of Mississippi on or after July 1, 1989, by an insurance company or association shall have printed thereon or attached thereto a notice stating, in substance, that the person to whom the policy or contract is issued shall be permitted to return the policy or contract within ten (10) days of its delivery to said purchaser and to have the premium paid refunded if, after examination of the policy or contract, the purchaser is not satisfied with it for any reason. If a policyholder or purchaser, pursuant to such notice, returns the policy or contract to the insurance company or association at its home or branch office or to the agent through whom it was purchased, it shall be void from the beginning, and the parties shall be in the same position as if no policy or service contract had been issued.
MS Code § 83-7-101 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|Accelerated Benefits|§ 83-7-101. Definitions

 "Accelerated benefits" are benefits payable under a life insurance contract:   To a policy owner, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider;   Which reduce the death benefit otherwise payable under the life insurance contract (excluding accidental death and other ancillary benefits); and   Which are payable, in a lump sum or in periodic payments, at the option of the insured.   "Qualifying event" means one or more of the following:   A medical condition which would result in a drastically limited life span, for example, twenty-four (24) months or less;   A medical condition which has required or requires extraordinary medical intervention, such as, but not limited to, major organ transplant or continuous artificial life support, without which the insured would die;   A medical condition which would, in the absence of extensive or extraordinary medical treatment, result in a drastically limited life span. Such conditions may include, but are not limited to, one or more of the following:   1. Coronary artery disease resulting in an acute infarction or requiring surgery;   2. Permanent neurological deficit resulting from cerebral vascular accident;   3. End stage renal failure; or   4. Other qualifying event which the Commissioner of Insurance shall approve for any particular filing.
MS Code § 83-7-103 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|Accelerated Benefits|§ 83-7-103. Accelerated benefit provisions as not representing morbidity risks

 Accelerated benefit riders and life insurance policies with accelerated benefit provisions do not represent morbidity risks.
MS Code § 83-7-105 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|Accelerated Benefits|§ 83-7-105. Acknowledgement of concurrence for payout prior to payment

 Prior to the payment of the accelerated benefit, the insurer shall receive from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout.
MS Code § 83-7-107 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|Accelerated Benefits|§ 83-7-107. Options for payment; minimum amounts

 The benefit shall be paid in a lump sum, or in periodic payments for a fixed period of time, or in a fixed amount for an indefinite period of time, at the option of the insured. Companies may set minimums on the face amount of contracts for which the benefit shall be offered.
MS Code § 83-7-109 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 7 - Life Insurance|Accelerated Benefits|§ 83-7-109. Requirement that name given coverage be descriptive of coverage provided; disclosure of information; signatures

  The name given the coverage must be descriptive of the coverage provided, and the terminology "accelerated benefit" shall be included in the description.   Clear disclosure is required at the time of application for the policy and at the time the accelerated benefit payment request is submitted of the potential tax implications of receiving this payout. The disclosure statement shall indicate that receipt of these accelerated benefits may be taxable, and insured should seek assistance from their personal tax advisor. Such disclosure shall be prominently displayed on the first page of the policy or rider and any other related documents.   Prior to or concurrently with the application, the applicant shall be given an illustration numerically demonstrating the effect of the payment of a benefit on the policy's cash value, death benefit, premium, policy loans and policy liens. In the event of direct mail solicitations, the disclosure shall be made upon acceptance of the application.   Prior to or concurrently with the application, the applicant shall be given a written disclosure including, but not necessarily limited to, a brief description of the accelerated benefit and definitions of the conditions or occurrences triggering payment of the benefits. The disclosure shall be signed by the applicant, the policy owner and writing agent. In the event of direct mail solicitations, the disclosure shall be made upon acceptance of the application.   This statement shall appear on the face of every policy or rider: "Cash values, loan values and the death benefit will be reduced if you receive an accelerated benefit." For policies which have no cash or loan values, this statement shall be appropriately modified.