reglab/housing_qa huggingface dataset:
SC Code § 38-63-590 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-590. Basis for calculation of adjusted premiums and present values of ordinary policies.

 This section does not apply to ordinary policies issued on or after the operative date of Section 38-63-600 as defined therein. In case of ordinary policies, all adjusted premiums and present values referred to in this article must be calculated on the basis of the Commissioners' 1958 Standard Ordinary Mortality Table and 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, and, for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than six years younger than the actual age of the insured. In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners' 1958 Extended Term Insurance Table, and, for insurance issued on a substandard basis, the calculation of the 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 director or his designee.  HISTORY: Former 1976 Code Section 38-7-90 [1960 (51) 1554; 1962 Code Section 37-175.4; 1976 Act No. 452, Section 2; 1978 Act No. 577 Section 2; 1982 Act No. 403, Section 6] recodified as Section 38-63-590 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 729.
SC Code § 38-63-610 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-610. Premiums, values, and benefits of life insurance plans providing for future premium determination.

 In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience or, in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in Sections 38-63-520 to 38-63-600, then:  (a) The director or his designee must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by Sections 38-63-520 to 38-63-600.  (b) The director or his designee must be satisfied that the benefits and the pattern of premiums of that plan are not misleading to prospective policyholders or insureds.  (c) The cash surrender values and paid-up nonforfeiture benefits provided by the plan may not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this article, as determined by regulations promulgated by the department.  HISTORY: Former 1976 Code Section 38-7-92 [1982 Act No. 403, Section 7] recodified as Section 38-63-610 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 732.
SC Code § 38-63-620 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-620. Calculation of cash surrender values, paid-up nonforfeiture benefits, adjusted premiums, and present values; net value of paid-up additions.

 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. All values referred to in Sections 38-63-530, 38-63-540, and 38-63-570 to 38-63-600 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, may not be less than the amounts used to provide such additions.  HISTORY: Former 1976 Code Section 38-7-100 [1960 (51) 1554; 1962 Code Section 37-175.5; 1982 Act No. 403, Section 8] recodified as Section 38-63-620 by 1987 Act No. 155, Section 1.
SC Code § 38-63-640 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-640. Excepted policies.

 This article does not apply to:  (a) any reinsurance;  (b) group insurance;  (c) pure endowment;  (d) annuity or reversionary annuity contract;  (e) any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;  (f) any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in Sections 38-63-570 to 38-63-600, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;  (g) any policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in Sections 38-63-530 to 38-63-600, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year;  (h) any policy which is delivered outside this State through an agent or other representative of the company issuing the policy.  For purposes of determining the applicability of this article, the age at expiry for a joint term life insurance policy is the age of expiry of the oldest life.  HISTORY: Former 1976 Code Section 38-7-110 [1960 (51) 1554; 1962 Code Section 37-175.6; 1982 Act No. 403, Section 10] recodified as Section 38-63-640 by 1987 Act No. 155, Section 1.
SC Code § 38-63-650 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-650. Operative date of article.

 An insurer may file with the department a written notice of its election to comply with the provisions of this article after a specified date before January 1, 1966. After the filing of the notice, then upon the specified date, which shall be the operative date for that insurer, this article becomes operative with respect to the policies thereafter issued by the insurer. If an insurer makes no election, the operative date of this article for that insurer is January 1, 1966.  HISTORY: Former 1976 Code Section 38-7-120 [1960 (51) 1554; 1962 Code Section 37-175.7] recodified as Section 38-63-650 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 733.
SC Code § 38-63-660 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 63 - Individual Life Insurance|Section 38-63-660. Promulgation of regulations.

 The Director of the Department of Insurance or his designee shall promulgate regulations to implement the provisions of this chapter.  HISTORY: 2000 Act No. 312, Section 13.
SC Code § 38-65-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-10. Circulation of false or misleading information by life insurers.

 No life insurer doing business in this State and no officer, director, or agent of it may issue or circulate or cause or permit to be issued or circulated any estimate, illustration, circular, or statement of any sort misrepresenting the terms of any policy issued by it, the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon or may use any name or title of any policy or class of policies misrepresenting the true nature thereof. Violation of this section by an agent or officer of an insurer is a misdemeanor. If an insurer violates or participates in the violation of this section, the insurer is subject to the penalty provisions of Section 38-2-10.  HISTORY: Former 1976 Code Section 38-65-10 [1985 Act No. 137, Section 1] recodified as Section 38-41-10 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-40 [1947 (45) 322; 1952 Code Section 37-144; 1962 Code Section 37-144] recodified as Section 38-65-10 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 34.
SC Code § 38-65-20 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-20. Misrepresentations to induce termination of life insurance policies.

 No insurer, or its employee or agent, may make any misleading representations or incomplete or fraudulent comparisons of any life insurance policies or insurers for the purpose of inducing, or which may tend to induce, any person to lapse, forfeit, surrender, terminate, or return any life insurance policy.  HISTORY: Former 1976 Code Section 38-65-20 [1985 Act No. 137, Section 2] recodified as Section 38-41-20 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-50 [1956 (49) 1814; 1962 Code Section 37-144.1] recodified as Section 38-65-20 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 35.
SC Code § 38-65-30 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-30. Assignment of rights and benefits under policies.

 (1) Notwithstanding any other provision of law, any person insured under a group insurance policy, pursuant to an arrangement among the insured, the group policyholder, and the insurer, may assign his rights and benefits under the policy, including, but not limited to, the right to have issued to him an individual policy as set forth in items (8), (9), and (10) of Section 38-65-210 and the right to name a beneficiary. The assignment entitles the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy in accordance with the terms of the assignment.  (2) Subsection (1) of this section acknowledges, declares, and codifies the existing right of assignment of interest under group life insurance policies by persons insured under those policies.  HISTORY: Former 1976 Code Section 38-65-30 [1985 Act No. 137, Section 3] recodified as Sections 38-41-30, 38-41-40, and 38-41-50 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-31-20 [1962 Code Section 37-307.1; 1970 (56) 2505] recodified as Section 38-65-30 by 1987 Act No. 155, Section 1.
SC Code § 38-65-40 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-40. Requirements of policies.

 No policy of group life insurance may be delivered or issued for delivery in this State unless it conforms to the following description:  (1) A policy of group life insurance may be issued to a trust or to cover the lives of two or more persons who are associated in a common group formed for purposes other than the obtaining of insurance, except that group certificates of credit life insurance may be issued to persons other than those in a common group.  (2) The amounts of life insurance under the policy must be based on some plan or plans precluding individual selection, except that insurance supplemental to the basic coverage may be available to persons insured under the policy.  (3) For groups of twenty-five or more persons no evidence of individual insurability may be required at the time the person first becomes eligible for insurance or within thirty-one days thereafter except for any insurance supplemental to the basic coverage for which evidence of individual insurability may be required. With respect to trusteed groups the phrase "groups of twenty-five" must be applied on a participating unit basis for the purpose of requiring individual evidence of insurability.  (4) Premiums for basic and supplemental coverage must be paid by the policyholder from the policyholder's funds or from funds contributed by the insured persons or from both.  HISTORY: Former 1976 Code Section 38-65-40 [1985 Act No. 137, Section 1] recodified as Section 38-41-60 by 1987 Act No. 155, Section 1; Former 1976 Code Sections 38-31-30 [1953 (48) 493; 1959 (51) 302; 1962 Code Section 37-301; 1976 Act No. 732, Section 1] and 38-31-40 [1953 (48) 493; 1956 (49) 2146; 1962 Code Section 37-302; 1976 Act No. 732 Section 2; 1981 Act No. 45] recodified as Section 38-65-40 by 1987 Act No. 155, Section 1; 1988 Act No. 339, Section 1.
SC Code § 38-65-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-50. Restrictions on mass-marketed life insurance.

 No mass-marketed life insurance may be effected on a person in this State if the charges to the individual insureds are unreasonable in relation to the benefits provided. "Mass-marketed life insurance" for purposes of this chapter means coverage under any group policy of life insurance which is offered by means of direct response solicitation whether through a sponsoring organization or the mails or other media, except that it does not include coverage offered to an employee or union member through his employer or union, to a member of a professional association, to a member of a national association of retired or aged persons through the association, or to a member of a national association of war veterans either chartered by Congress or composed of veterans of a particular ethnic, racial, or religious background through the association. This coverage offered through a trust formed by one or more employers, labor unions, or both, or by a professional association or association of retired or aged persons or war veterans to provide insurance coverage for employees, union members, and their dependents or for association members and their dependents is considered to be offered through the employer, union, or association, respectively. "Direct response solicitation" means any offer by an insurer to persons in this State to effect life insurance coverage which enables the individual to apply or enroll for the insurance on the basis of that offer.  HISTORY: Former 1976 Code Section 38-65-50 [1985 Act No. 137, Section 5] recodified as Section 38-41-70 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-31-50 [1953 (48) 493; 1962 Code Section 37-303; 1976 Act No. 732 Section 3] recodified as Section 38-65-50 by 1987 Act No. 155, Section 1.
SC Code § 38-65-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-60. Requirements of group life policies extended to group life policies issued outside State to residents; prior approval needed for mass-marketed policies and certificates.

 (1) No life insurance coverage may be extended to residents of this State under a policy of group insurance issued outside this State which does not provide in substance the provisions of Section 38-65-210 unless the director or his designee determines that certain provisions are not appropriate for the coverage provided.  (2) Any insurer extending life insurance under a group policy issued outside this State to residents of this State shall comply with the requirements of this State relating to advertising and to claims settlement practices with respect to the insurance.  (3) Upon request of the director or his designee, copies of policies and certificates under a policy of group life insurance issued outside this State and covering residents of this State must be made available on an informational basis only. However, mass-marketed life insurance policies and certificates must have approval of the director or his designee pursuant to Section 38-61-20 before they can be offered for sale to residents of this State.  HISTORY: Former 1976 Code Section 38-65-60 [1985 Act No. 137, Section 6] recodified as Section 38-41-30 by 1987 Act No. 155, Section 1; Former Section 38-31-60 [1953 (48) 493; 1962 Code Section 37-304; 1976 Act No. 732 Section 4] recodified as Section 38-65-60 by 1987 Act No. 155, Section 1; 1988 Act No. 333, Section 1; 1993 Act No. 181, Section 734; 2001 Act No. 82, Section 22, eff July 20, 2001.
SC Code § 38-65-70 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-70. Coverage of families of employees and members.

 Any policy issued pursuant to Section 38-65-40 may be extended to insure the employees or members against loss due to the death of their spouses and any child under the age of nineteen or who is a dependent and a full-time student under twenty-five years of age and also may be extended to any child who is both (i) incapable of self-sustaining employment by reason of intellectual disability or physical handicap and (ii) chiefly dependent upon the employee for support and maintenance, subject to the following requirements:  (1) The premium for the insurance must be paid by the policyholder from the policyholder's funds or from funds contributed by the insured persons, or from both.  (2) Upon termination of the insurance with respect to the members of the family of any employee or member by reason of the employee's or member's termination of employment, termination of membership in the class or classes eligible for coverage under the policy, or death, the spouse or child is entitled to have issued by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits as long as application for the individual policy is made and the first premium paid to the insurer within thirty-one days after the termination, subject to the requirements of subitems (a), (b), and (c) of Section 38-65-210(8). If the group policy terminates or is amended so as to terminate the insurance of any class of employees or members and the employee or member is entitled to have issued an individual policy under Section 38-65-210(9), the spouse also is entitled to have issued by the insurer an individual policy, subject to the conditions and limitations provided above in this item (2). If the spouse dies within the period during which he would have been entitled to have an individual policy issued in accordance with this provision, the amount of life insurance which he would have been entitled to have issued under the individual policy is payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made. Notwithstanding Section 38-65-210(7), only one certificate need be issued for delivery to an insured person if a statement concerning a dependent's coverage is included in the certificate.  (3) The amounts of insurance must be based upon some plan precluding individual selection either by the employees or members or by the policyholder, employer, or union.  HISTORY: Former 1976 Code Section 38-65-70 [1985 Act No. Section 7] recodified as Section 38-41-80 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-31-180 [1962 Code Section 37-311.1; 1970 (56) 2325] recodified as Section 38-65-70 by 1987 Act No. 155, Section 1; 1988 Act No. 333, Section 2; 1994 Act No. 521, Section 1.
SC Code § 38-65-90 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-90. Life insurance policy for insured's spouse, children, or dependents not subject to claims of insured's creditors.

 The proceeds and cash surrender value of life insurance in the aggregate amount of not more than fifty thousand dollars upon the life of an individual, which has already been or may be taken out, in which it is expressed to be for the primary benefit of the insured's spouse, children, or dependents inure to the use and benefit of the individual or individuals for whose use and benefit it is expressed to be taken out, and the sum or net amount of the insurance becoming due and payable by the terms of the policy is payable to the individual or individuals as stated in this section, free and discharged from the claims of the representatives of the insured or of any of the insured's creditors or a person claiming by, through, or under him or them or any of them unless:  (1) the policy was obtained with the intent to defraud creditors; or  (2) the creditor or representative possesses a valid assignment of the cash surrender value of the policy from the policyholder on a separate form.  In these two instances, the creditor may recover from either the cash surrender value or the proceeds of the life insurance policy of the amount secured by the assignment.  HISTORY: Former 1976 Code Section 38-65-90 [1985 Act No. 137, Section 9] recodified as Section 38-41-100 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 38-65-90 by 1987 Act No. 155, Section 1; 1988 Act No. 305, Section 2.
SC Code § 38-65-100 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-100. 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 incumbrance 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 38-9-350 [1953 (48) 493; 1962 Code Section 37-169.1] recodified as Section 38-65-100 by 1987 Act No. 155, Section 1.
SC Code § 38-65-110 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-110. Extension of right to apply for individual policy.

 If an individual insured under a group life insurance policy delivered in this State becomes entitled under the terms of the policy to have an individual policy of life insurance issued without evidence of insurability, subject to making of application and payment of the first premium within the period specified in the policy, and if the individual is not given notice of the existence of this right at least fifteen days before the expiration date of the period, the individual has an additional period within which to exercise the right. Nothing contained in this section may be construed to continue any insurance beyond the period provided in the policy. This additional period expires fifteen days after the individual is given the notice but in no event may the additional period extend beyond sixty days after the expiration date of the period provided in the policy. Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder is notice for the purpose of this section.  HISTORY: 1988 Act No. 333, Section 3.
SC Code § 38-65-120 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 65 - Group Life Insurance|Section 38-65-120. Interest on payment; when required.

 When a group life insurance policy provides for payment of its proceeds in a lump sum upon the death of an insured and the insurer fails to pay the proceeds within thirty days of submission of proof of death, the payment must include interest at the legal rate of interest from the date of death of that insured until the date the claim is paid.  HISTORY: 1988 Act No. 482, Section 6.