reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 2518 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2518. Grace period -- annuities

 §2518. Grace period -- annuities In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding 6% per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2519 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2519. Incontestability -- annuities

 §2519. Incontestability -- annuities If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to section 2521, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of 2 years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2520 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2520. Entire contract -- annuities

 §2520. Entire contract -- annuities In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2521 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2521. Misstatement of age or sex -- annuities

 §2521. Misstatement of age or sex -- annuities In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof with interest at the rate to be specified in the contract but not exceeding 6% per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2522 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2522. Dividends -- annuities

 §2522. Dividends -- annuities If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2523 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2523. Reinstatement -- annuities

 §2523. Reinstatement -- annuities In an annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments shall be paid with interest thereon at a rate to be specified in the contract but not exceeding 6% per annum payable annually and the payment or reinstatement of any other indebtedness to the insurer upon the contract with interest at the policy loan interest rate, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.   [PL 1981, c. 188, §3 (AMD).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1981, c. 188, §3 (AMD).
24-A ME Rev Stat § 2524 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2524. Standard provisions -- reversionary annuities

 §2524. Standard provisions -- reversionary annuities 1.  Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this State unless it contains in substance each of the following provisions:   A. Any such reversionary annuity contract shall contain the provisions specified in sections 2518 to 2522, except that under section 2518 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract.   [PL 1969, c. 132, §1 (NEW).]B. In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within 3 years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding 6% per annum compounded annually.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 2.  This section shall not apply to group annuities, variable annuities, or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2526 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2526. Prohibited provisions

 §2526. Prohibited provisions 1.  No life insurance policy, other than industrial insurance, shall be delivered or issued for delivery in this State, if it contains any of the following provisions:   A. A provision by which the policy purports to be issued or to take effect more than one year before the original application for the insurance was made.   [PL 1969, c. 132, §1 (NEW).]B. A provision for any mode of settlement at maturity of the policy of less value than the amount insured under the policy, plus dividend additions, if any, less any indebtedness to the insurer on or secured by the policy and less any premium that may by the terms of the policy be deducted.   [PL 1969, c. 132, §1 (NEW).]C. A provision to the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of such agent binding upon the person so insured under the policy.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 2.  No policy of industrial life insurance shall be delivered or issued for delivery in this State if it contains any of the following provisions:   A. A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer.   [PL 1969, c. 132, §1 (NEW).]B. A provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical or surgical treatment or attention, except a provision which gives the insurer the right to declare the policy void if the insured has, within 2 years prior to the issuance of the policy, received institutional, hospital, medical or surgical treatment or attention and if the insured or claimant under the policy fails to show that the condition occasioning such treatment or attention was not of a serious nature or was not material to the risk.   [PL 1969, c. 132, §1 (NEW).]C. A provision giving the insurer the right to declare the policy void because the insured has been rejected for insurance, unless such right be conditioned upon a showing by the insurer that knowledge of such rejection would have led to a refusal by the insurer to make such contract.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 3.  No insurer shall provide in any policy, certificate, contract or agreement of life insurance for the payment of any insurance, indemnity or benefit in services, goods, wares or merchandise of any kind.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2526-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2526-A. Acquired Immune Deficiency Syndrome

 §2526-A. Acquired Immune Deficiency Syndrome No individual policy of life insurance delivered or issued for delivery in this State may provide more restrictive coverage for death resulting from Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or HIV related diseases than for death resulting from any other disease or sickness or exclude coverage for death resulting from AIDS, ARC or HIV related diseases. This section shall not apply to death by accident or accidental means.   [PL 1989, c. 176, §3 (NEW).]SECTION HISTORY PL 1989, c. 176, §3 (NEW).
24-A ME Rev Stat § 2527 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2527. Provisions required by law of other jurisdiction

 §2527. Provisions required by law of other jurisdiction The policies of a foreign life insurer may contain any provision which the law of the state, territory, district, or country under which the insurer is organized prescribes shall be in such policies when issued in this State, and the policies of a domestic life insurer may, when issued or delivered in any other state, territory, district, or country, contain any provisions required by the laws thereof, anything in this chapter to the contrary notwithstanding.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2528 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2528. Short title

 §2528. Short title Sections 2528 to 2534 shall be known as the "Standard Nonforfeiture Law for Life Insurance."   [PL 1979, c. 442, §1 (AMD).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1979, c. 442, §1 (AMD).
24-A ME Rev Stat § 2530 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2530. Cash surrender value

 §2530. Cash surrender value 1.  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 2529, shall be an amount not less than the excess, if any, of the present value, on that anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:   A. Present value of adjusted premiums. The then present value of the adjusted premiums as defined in sections 2532 and 2532-A, corresponding to premiums which would have fallen due on and after that anniversary; and   [PL 1983, c. 346, §11 (NEW).]B. Amount of indebtedness. The amount of any indebtedness to the insurer on the policy.   [PL 1983, c. 346, §11 (NEW).][PL 1983, c. 346, §11 (RPR).] 2.  For any policy issued on or after the operative date of section 2532‑A as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection 1 shall be an amount not less than the sum of the cash surrender value as defined in that subsection for an otherwise similar policy issued at the same age without that rider or supplemental policy provision and the cash surrender value as defined in that subsection for a policy which provides only the benefits otherwise provided by that rider or supplemental policy provision.   [PL 1983, c. 346, §11 (RPR).] 3.  For any family policy issued on or after the operative date of section 2532‑A as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age 71, the cash surrender value referred to in subsection 1 shall be an amount not less than the sum of the cash surrender value as defined in that subsection for an otherwise similar policy issued at the same age without that term insurance on the life of the spouse and the cash surrender value as defined in that subsection for a policy which provides only the benefits otherwise provided by that term insurance on the life of the spouse.   [PL 1983, c. 346, §11 (NEW).] 4.  Any 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 by section 2529, shall be an amount not less than the present value, on that anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.   [PL 1983, c. 346, §11 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §11 (RPR).
24-A ME Rev Stat § 2531 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2531. Paid-up nonforfeiture benefits

 §2531. Paid-up nonforfeiture benefits Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such 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 which would have been required by sections 2529 to 2534 in the absence of the condition that premiums shall have been paid for at least a specified period.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2532-B (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2532-B. Superintendent's authority to approve certain new plans

 §2532-B. Superintendent's authority to approve certain new plans 1.  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 2529 to 2532-A herein, then:   A. The superintendent 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 2529 to 2532-A herein;   [PL 1983, c. 346, §14 (NEW).]B. The superintendent must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and   [PL 1983, c. 346, §14 (NEW).]C. The cash surrender values and paid-up nonforfeiture benefits provided by that 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 regulations promulgated by the superintendent.   [PL 1983, c. 346, §14 (NEW).][PL 1983, c. 346, §14 (NEW).] SECTION HISTORY PL 1983, c. 346, §14 (NEW).
24-A ME Rev Stat § 2533 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2533. Calculation of cash surrender value of certain policies on default

 §2533. Calculation of cash surrender value of certain policies on default 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, 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 2530 to 2532-A 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 be not less than the amounts used to provide those additions. Notwithstanding section 2530, additional benefits payable:   [PL 1983, c. 346, §15 (AMD).]1.  Death or accident.  In the event of death or dismemberment by accident or accidental means;   [PL 1969, c. 132, §1 (NEW).] 2.  Total disability.  In the event of total and permanent disability;   [PL 1969, c. 132, §1 (NEW).] 3.  Reversionary annuity.  As reversionary annuity or deferred reversionary annuity benefits;   [PL 1969, c. 132, §1 (NEW).] 4.  Term insurance benefits.  As term insurance benefits provided by a rider or supplemental policy provisions to which, if issued as a separate policy, section 2529 to 2534 would not apply;   [PL 1969, c. 132, §1 (NEW).] 5.  Child term insurance benefits.  As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is 26, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child; and   [PL 1969, c. 132, §1 (NEW).] 6.  Other policy benefits.  As other policy benefits additional to life insurance and endowment benefits; and premiums for all such additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by sections 2529 to 2534, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §15 (AMD).
24-A ME Rev Stat § 2534 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2534. Exceptions

 §2534. Exceptions Sections 2529 to 2534 do not apply to any of the following:   [RR 1993, c. 1, §61 (COR).]1.  Reinsurance;   [PL 1983, c. 346, §17 (NEW).] 2.  Group insurance;   [PL 1983, c. 346, §17 (NEW).] 3.  Pure endowment;   [PL 1983, c. 346, §17 (NEW).] 4.  Annuity or reversionary annuity contract;   [PL 1983, c. 346, §17 (NEW).] 5.  Any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;   [PL 1983, c. 346, §17 (NEW).] 6.  Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections 2532 and 2532-A, 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 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;   [PL 1983, c. 346, §17 (NEW).] 7.  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 2530 to 2532-A, exceeds 2 1/2% of the amount of insurance at the beginning of the same policy year; or   [PL 1983, c. 346, §17 (NEW).] 8.  Any policy that is delivered outside this State through an agent or other representative of the insurer issuing the policy.   [RR 1993, c. 1, §61 (COR).] For purposes of the Standard Nonforfeiture Law for Life Insurance, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.   [RR 1993, c. 1, §61 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §17 (RPR). RR 1993, c. 1, §61 (COR).
24-A ME Rev Stat § 2535 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2535. Incontestability, limitation of liability after reinstatement

 §2535. Incontestability, limitation of liability after reinstatement 1.  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.   [PL 1969, c. 132, §1 (NEW).] 2.  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.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 2536 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 29: LIFE INSURANCE AND ANNUITY CONTRACTS|24-A §2536. Participating, nonparticipating policies -- right to issue

 §2536. Participating, nonparticipating policies -- right to issue A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 2159 (unfair discrimination -- life insurance, annuities, and health insurance) or 2160 (rebates -- life, health and annuity contracts).   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).