reglab/housing_qa huggingface dataset:
8 V.S.A. § 3717
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3717. Annuity contracts

§ 3717. Annuity contracts|A company authorized to transact the business of life insurance may grant annuities. An annuity is a contract issued for a valuable consideration under which the obligations are assumed with respect to periodic payments for a specified term or terms or where the making or continuance of all or of some of such payments, or the amount of any such payments, is dependent upon the continuance of human life. Such a contract which includes extra benefits of the kind set forth in subdivisions 3301(a)(1) and (2) of this title relating to life and health insurance shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 17).)
8 V.S.A. § 3718
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3718. Annuity considerations

§ 3718. Annuity considerations|Insurers shall be subject to taxation according to the provisions of Title 32; provided, however, that no tax shall be due or payable as to considerations received for annuity contracts. Payment by an insurer of the tax as in Title 32 required shall be in lieu of all taxes imposed by the State upon premiums or upon income, and of franchise, privilege or other taxes measured by income of the insurer. The provisions of this section shall not be modified or repealed by any law of general application hereafter enacted unless expressly referred to or expressly repealed therein. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 18).)
8 V.S.A. § 3718a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3718a. Charitable gift annuities

§ 3718a. Charitable gift annuities|(a) Charitable gift annuity is not insurance. The issuance of a charitable gift annuity by a qualified charitable organization does not constitute engaging in the business of insurance in this State.(b) Not unfair or deceptive trade practice. The issuance of a charitable gift annuity does not constitute a violation of section 4724 of this title. (Added 2001, No. 37, § 1.)
8 V.S.A. § 3719
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3719. Valuation of bonds, etc.

§ 3719. Valuation of bonds, etc.|Bonds or other evidences of debt having a fixed term and rate held by a life insurance company, assessment life association, or fraternal beneficiary association authorized to do business in this State, if amply secured and not in default as to principal and interest, shall be valued as follows: At their market value on December 31 preceding the filing of its return with the Commissioner; or, at the option of the company, as follows: If purchased at par, at the par value; if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made; provided, that the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase; and provided, further, that the Commissioner shall have full discretion in determining the method of calculating values according to the foregoing rule. A company having selected one of the foregoing methods of valuation shall not change such method without the consent and approval of the Commissioner. At any time, in his or her discretion, the Commissioner may require any insurance corporation, other than a life insurance corporation, authorized to do business in this State, to value its bonds or other evidences of debt in accordance with the foregoing rule. Provided, however, that any valuation method used shall be consistent with the valuation method promulgated by the National Association of Insurance Commissioners. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 3, § 1); amended 1993, No. 12, § 12, eff. April 26, 1993.)
8 V.S.A. § 3732
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3732. "Industrial life insurance" defined

§ 3732. "Industrial life insurance" defined|For the purposes of this subchapter "industrial life insurance" is that form of life insurance written under policies of face amount of $1,000.00 or less bearing the words "industrial policy" imprinted on the face thereof as part of the descriptive matter, and under which premiums are payable monthly or more often. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 14).)
8 V.S.A. § 3733
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3733. Excluded or restricted coverage in life insurance policies

§ 3733. Excluded or restricted coverage in life insurance policies|A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not such restrictions or exclusions are excepted in such clause. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 15).)
8 V.S.A. § 3734
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3734. Incontestability and limitation of liability after reinstatement

§ 3734. Incontestability and limitation of liability after reinstatement|(a) A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.(b) When any life insurance policy or annuity contract is reinstated, such reinstated policy or contract may exclude or restrict liability to the same extent that such liability could have been or was excluded or restricted when the policy or contract was originally issued, and such exclusion or restriction shall be effective from the date of reinstatement. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 16).)
8 V.S.A. § 3735
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3735. Application as evidence

§ 3735. Application as evidence|(a) No application for the issuance of any life or disability insurance policy or annuity contract shall be admissible in evidence in any action relative to such policy or contract, unless a true copy of the application was attached to or otherwise made a part of the policy or contract when issued. This provision shall not apply to industrial life insurance policies.(b) If any policy of life or disability insurance delivered in this State is reinstated or renewed, and the insured or the beneficiary or assignee of the policy makes written request to the insurer for a copy of the application, if any, for such reinstatement or renewal, the insurer shall, within 15 days after receipt of such request at its home office, deliver or mail to the person making such request a copy of such application reproduced by any legible means. If such copy is not so delivered or mailed after having been so requested, the insurer shall be precluded from introducing the application in evidence in any action or proceeding based upon or involving the policy or its reinstatement or renewal. In the case of such a request from a beneficiary, the time within which the insurer is required to furnish a copy of such application shall not begin to run until after receipt of evidence satisfactory to the insurer of the beneficiary's vested interest in the policy or contract. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 17).)
8 V.S.A. § 3736
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3736. Representations in applications

§ 3736. Representations in applications|All statements and descriptions in any application for a life insurance policy or annuity contract, by or in behalf of the insured or annuitant, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements shall not prevent a recovery under the policy or contract unless either:  (1) fraudulent; or (2) material either to the acceptance of the risk, or to the hazard assumed by the insurer; or (3) the insurer in good faith would either not have issued the policy or contract, or would not have issued it at the same premium rate, or would not have issued a policy or contract in as large an amount, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 18).)
8 V.S.A. § 3760
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3760. Title

§ 3760. Title|This subchapter shall be known as the Standard Nonforfeiture Law for Life Insurance. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3761
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3761. Definitions

§ 3761. Definitions|As used in this subchapter, "operative date of the Valuation Manual" means January 1 of the first calendar year that the Valuation Manual as defined in subchapter 4a of this chapter is effective. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3763
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3763. Computation of cash surrender value

§ 3763. Computation of cash surrender value|(a) 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 3762 of this subchapter, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits that would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:  (1) the then present value of the adjusted premiums as defined in sections 3765-3768 of this subchapter, corresponding to premiums which would have fallen due on and after the anniversary; and (2) the amount of any indebtedness to the company on the policy.   (b) Notwithstanding subsection (a) of this section, for a policy issued on or after the operative date of section 3768 of this subchapter that 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 subsection (a) of this section shall be an amount not less than the sum of the cash surrender value 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 subsection (a) of this section for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.(c) For a family policy issued on or after the operative date of section 3768 of this subchapter that defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse turns 71 years of age, the cash surrender value referred to in subsection (a) of this section shall be an amount not less than the sum of the cash surrender value for an otherwise similar policy issued at the same age without term insurance on the life of the spouse and the cash surrender value as defined in subsection (a) of this section for a policy that provides only the benefits otherwise provided by term insurance on the life of the spouse.(d) A cash surrender value available within 30 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 under section 3762 of this subchapter, shall be an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3764
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3764. Computation of paid-up nonforfeiture benefits

§ 3764. Computation of paid-up nonforfeiture benefits|A paid-up nonforfeiture benefit available under a policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value that would have been required under this subchapter in the absence of the condition that premiums shall have been paid for at least a specified period. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3766
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3766. Calculation of adjusted premiums; ordinary policies

§ 3766. Calculation of adjusted premiums; ordinary policies|(a) This section does not apply to ordinary policies issued on or after the operative date of section 3768 of this subchapter. In the case of ordinary policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in this subchapter shall 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, provided that such rate of interest shall 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 April 12, 1973, and prior to January 1, 1980, 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, 1980, 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, provided that 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 not be more than those shown in the Commissioners' 1958 Extended Term Insurance Table. For insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Commissioner.(b) After the effective date of this section, any company may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1966. After the filing of such notice, upon the specified date (which shall be the operative date of this section for that company), this section shall become operative with respect to the ordinary policies thereafter issued by the company. If a company makes no election, the operative date of this section for the company shall be January 1, 1966. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3767
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3767. Calculation of adjusted premiums; industrial policies

§ 3767. Calculation of adjusted premiums; industrial policies|(a) This section does not apply to industrial policies issued on or after the operative date of section 3768 of this subchapter. In the case of industrial policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Commissioners' 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits provided that such rate of interest shall 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 April 12, 1973, and prior to January 1, 1980, 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, 1980, 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. 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' 1961 Industrial Extended Term Insurance Table. For insurance issued on a substandard basis, the calculations of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Commissioner.(b) After the effective date of this section, any company may file with the Commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1968. After the filing of such notice, upon the specified date, which shall be the operative date of this section for that company, this section shall become operative with respect to the industrial policies thereafter issued by the company. If a company makes no election, the operative date of this section for the company shall be January 1, 1968. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3769
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3769. Nonforfeiture benefits for indeterminate premium plans

§ 3769. Nonforfeiture benefits for indeterminate premium plans|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 insurance company based on 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 3762-3768 of this subchapter:  (1) The Commissioner 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 3762-3768 of this subchapter. (2) The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds. (3) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this Standard Nonforfeiture Law for Life Insurance, as determined by subchapter 4a of this chapter and any rules adopted thereunder. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3770
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3770. Proration of values; net value of paid-up additions

§ 3770. Proration of values; net value of paid-up additions|Any cash surrender value and any paid-up nonforfeiture benefit available under a policy in the event of default in a premium payment due at any time other than on the policy anniversary shall 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 3763-3768 of this subchapter 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, shall not be less than the amounts used to provide such additions. Notwithstanding the provisions of section 3763 of this subchapter, additional benefits shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required under this subchapter, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits. As used in this section, "additional benefits" means benefits payable:  (1) in the event of death or dismemberment by accident or accidental means; (2) in the event of total and permanent disability; (3) as reversionary annuity or deferred reversionary annuity benefits; (4) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this subchapter would not apply; (5) as term insurance in the life on a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child turns 26 years of age, is uniform in amount after the child's age is one year of age, and has not become paid-up by reason of the death of a parent of the child; or (6) as other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3772
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3772. Exceptions

§ 3772. Exceptions|(a) This subchapter shall not apply to:  (1) reinsurance; (2) group insurance; (3) pure endowment; (4) an annuity or reversionary annuity contract; (5) a term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before 71 years of age, for which uniform premiums are payable during the entire term of the policy; (6) a term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in section 3765, 3766, 3767, or 3768 of this subchapter, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, that 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 20 years or less expiring before 71 years of age, for which uniform premiums are payable during the entire term of the policy; (7) a 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 section 3763, 3764, 3765, 3766, 3767, or 3768 of this subchapter, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; nor (8) a policy delivered outside this State through an agent or other representative of the company issuing the policy.   (b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life. (Added 2015, No. 63, § 2, eff. June 17, 2015.)