reglab/housing_qa huggingface dataset:
8 V.S.A. § 3806
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3806. Licensed lenders; charges for insurance

§ 3806. Licensed lenders; charges for insurance|In the case of a debtor under section 2201 et seq. of this title the collection of identifiable charges by the lender shall not be deemed a violation of said chapter if:  (1) The identifiable charge to the debtor is consistent with the actual cost of such insurance to the lender. The identifiable charge to the debtor shall be deemed consistent with the actual cost of the insurance to the lender if the aggregate of all such identifiable charges to all debtors of the same class, determined by conditions pertaining to the debt, is not greater than the premiums charged by the insurer, as computed at the time the charge to the debtor is determined; (2) The payment of such identifiable charge is optional with the debtor; and (3) Upon discharge of the debt, whether through prepayment, renewal or refinancing, the debtor is paid a pro rata refund of the identifiable charge paid by the debtor computed according to a schedule to be approved by the Commissioner of Financial Regulation. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 6); amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
8 V.S.A. § 3809
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3809. Association of employers groups

§ 3809. Association of employers groups|The lives of a group of individuals may be insured under a policy issued to an association of two or more employers, which association shall be deemed the policyholder, to insure employees of such employers for the benefits of persons other than the association or the employers, subject to the following requirements:  (1) The policy may be issued only if:  (A) the association has been in existence for at least five years and was formed for purposes other than obtaining the insurance; and (B) the participating employers constitute at date of issue at least fifty percent of the total employers eligible to participate, unless the total number of persons covered at date of issue exceeds 600, in which event such participating employers must constitute at least 25 percent of such total employers, in either case omitting from consideration any employer whose employees are already covered for group life insurance.  (2) The persons eligible for insurance under the policy shall be all of the employees of the participating employers, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include the individual proprietor or partners whenever a participating employer is an individual proprietor or a partnership. The policy may provide that the term "employees" shall include retired employees. The policy may provide that the term "employees" shall include the employees of the association to which the policy is issued. (3) The premium for the policy shall be paid by the association, either wholly from the association's funds or funds contributed by the employers, or partly from such funds and partly from funds contributed by the insured employees. No policy may be issued on which the entire premium payable by the policyholder is to be derived from funds contributed by the insured employees. A policy on which part of the premium so payable is to be derived from funds contributed by the insured employees may be placed in force only if at least 75 percent of the then eligible employees of each participating employer, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premiums so payable is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (4) The policy must cover at least 100 employees at date of issue. (5) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the employees or by the policyholder or the employer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 9).)
8 V.S.A. § 3810
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3810. Credit union groups

§ 3810. Credit union groups|The lives of a group of individuals may be insured under a policy issued to a credit union or to the trustees of a fund established by one or more credit unions, which credit union or trustees shall be deemed the policyholder to insure members of such credit union or credit unions for the benefit of persons other than the credit union or credit unions or trustees or any of their officials, subject to the following requirements:  (1) The members eligible for insurance shall be all of the members of the credit union or credit unions, or all of any class or classes thereof determined by conditions pertaining to membership in the credit union or credit unions. (2) The premium for the policy shall be paid by the policyholder, either wholly from the funds of the credit union or credit unions, or partly from such funds and partly from funds contributed by the insured members specifically for their insurance, or wholly from funds contributed by the insured members specifically for their insurance. A policy on which all or a part of the premium is to be derived from funds contributed by the insured members specifically for their insurance may be placed in force only if at least 75 percent of the then eligible members of each credit union, excluding any as to whom evidence of insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (3) The policy must cover at least 25 members at date of issue. (4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the members or by the credit union or credit unions. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 10).)
8 V.S.A. § 3810a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3810a. Associations and discretionary groups

§ 3810a. Associations and discretionary groups|(a) The lives of a group of individuals may be insured under a policy issued to an association, or to the trustees of a fund established or maintained for the benefit of members of an association, which association or trustees shall be deemed the policyholder, to insure members of such association for the benefit of persons other than the association, trustees, or their officials, subject to the following requirements:  (1) The association shall have a minimum of 100 members at the time of incorporation or formation if it has been incorporated or formed outside this State, and a minimum of 25 members at the time of incorporation or formation if it has been incorporated or formed in this State. (2) The association shall have been organized and maintained in good faith for purposes other than that of obtaining insurance. (3) The association shall have been in active existence for at least five years. (4) The association shall have articles of association and bylaws which provide that:  (A) the association holds regular meetings not less than annually to further purposes of the members; (B) the association collects dues or solicits contributions from members; and (C) the members have voting privileges and representation on the governing board and committees.  (5)(A) The premium for the policy shall be paid from funds contributed by the association, or by members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association members.  (B) Except as provided in subdivision (5)(C) of this subsection, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for the insurance must insure all eligible persons, except those who reject such coverage in writing. (C) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.  (6) The amount of insurance under the policy must be based upon some plan precluding anti-selection either by the members or the association.   (b) The lives of a group of individuals may be insured under a policy issued to any other group determined in the discretion of the Commissioner to be substantially similar to those described in this chapter.(c) The lives of individuals insured under a group policy authorized by this subchapter may continue to be insured following termination of employment, membership, or other affiliation of the individual with the group under a portability group approved by the Commissioner, provided that the group policy complies with all the applicable requirements of this subchapter. (Added 1993, No. 55, § 9, eff. June 3, 1993; amended 2009, No. 137 (Adj. Sess.), § 7.)
8 V.S.A. § 3812
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3812. Provisions required in group contracts

§ 3812. Provisions required in group contracts|No policy of group life insurance shall be delivered in this State unless it contains in substance the provisions set forth in sections 3813 through 3822 of this title or provisions which in the opinion of the Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except, however, that:  (1) Sections 3818 to 3822 inclusive shall not apply to policies issued to a creditor to insure debtors of such creditor. (2) The standard provisions required for individual life insurance policies shall not apply to group life insurance policies. (3) If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the commissioner is or are equitable to the insured persons and to the policyholder, but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 12).)
8 V.S.A. § 3813
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3813. Grace period

§ 3813. Grace period|The group life insurance policy shall contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 13).)
8 V.S.A. § 3814
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3814. Incontestability

§ 3814. Incontestability|The group life insurance policy shall contain a provision that the validity of the policy shall not be contested, except for nonpayment of premium, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to his or her insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of two years during such person's lifetime nor unless it is contained in a written instrument signed by him or her. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 14).)
8 V.S.A. § 3815
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3815. Application; statements deemed representations

§ 3815. Application; statements deemed representations|The group life insurance policy shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued and become a part of the contract; that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties, and that no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to such person or to his beneficiary. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 15).)
8 V.S.A. § 3816
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3816. Insurability

§ 3816. Insurability|The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his or her coverage. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 16).)
8 V.S.A. § 3817
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3817. Misstatement of age

§ 3817. Misstatement of age|The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 17).)
8 V.S.A. § 3818
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3818. Payment of benefits

§ 3818. Payment of benefits|The group life insurance policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary as to all or any part of such sum living at the death of the person insured, and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of such sum not exceeding $500.00 to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 18).)
8 V.S.A. § 3819
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3819. Certificate

§ 3819. Certificate|The group life insurance policy shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which he or she is entitled, to whom the insurance benefits are payable and the rights and conditions set forth in sections 3820, 3821, and 3822 of this title. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 19).)
8 V.S.A. § 3820
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3820. Conversion on termination of eligibility

§ 3820. Conversion on termination of eligibility|There shall be a provision that if the insurance or any portion of it, on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be entitled to have issued to him or her by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits, provided application for the individual policy shall be made, and the first premium paid to the insurer, within 31 days after such termination, and provided further that:  (1) The individual policy shall, at the option of such person, be on any one of the forms, except term insurance, then customarily issued by the insurer at the age and for the amount applied for. (2) The individual policy shall be in an amount not in excess of the amount of life insurance which ceases because of such termination less the amount of any life insurance for which such person is or becomes eligible under the same or any other group policy within 31 days after such termination, provided that any amount of insurance which shall have matured on or before the date of such termination as an endowment payable to the person insured, whether in one sum or in installments or in the form of an annuity, shall not, for the purposes of this provision, be included in the amount which is considered to cease because of such termination. (3) The premium on the individual policy shall be at the insurer's then customary rate applicable to the form and amount of the individual policy, to the class of risk to which such person then belongs, and to his or her age attained on the effective date of the individual policy. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 20).)
8 V.S.A. § 3821
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3821. Conversion on termination of policy

§ 3821. Conversion on termination of policy|The group life insurance policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates and who has been so insured for at least five years prior to such termination date shall be entitled to have issued to him or her by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by section 3820 of this title except that the group policy may provide that the amount of such individual policy shall not exceed the smaller of:  (1) the amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he or she is or becomes eligible under any group policy issued or reinstated by the same or another insurer within 31 days after such termination; or (2) $2,000.00. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 21).)
8 V.S.A. § 3822
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3822. Death pending conversion

§ 3822. Death pending conversion|The group life insurance policy shall contain a provision that if a person insured under the policy dies during the period within which he or she would have been entitled to have an individual policy issued to him or her in accordance with section 3820 or 3821 of this title and before such an individual policy shall have become effective, the amount of life insurance which he or she would have been entitled to have issued to him or her under such individual policy shall be 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. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 22).)
8 V.S.A. § 3823
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3823. Notice as to conversion right

§ 3823. Notice as to conversion right|If any individual insured under a group life insurance policy hereafter delivered in this State becomes entitled under the terms of such policy to have an individual policy of life insurance issued to him or her without evidence of insurability, subject to making of application and payment of the first premium within the period specified in such policy, and if such individual is not given notice of the existence of such right at least 15 days prior to the expiration date of such period, then, in such event the individual shall have an additional period within which to exercise such right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in such policy. This additional period shall expire 15 days next after the individual is given such notice but in no event shall such additional period extend beyond 60 days next after the expiration date of the period provided in such 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 shall constitute notice for the purpose of this section. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 23).)
8 V.S.A. § 3824
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3824. Readjustment of premium

§ 3824. Readjustment of premium|Any group life insurance contract may provide for a readjustment of the premium rate based upon the experience thereunder. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 24).)
8 V.S.A. § 3825
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3825. Application of dividends, rate reductions

§ 3825. Application of dividends, rate reductions|If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued for the first or any subsequent year of insurance under any policy of group life insurance heretofore or hereafter issued to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under such policy and all other group insurance policies of the policyholder over the aggregate expenditure for insurance under such policies made from funds contributed by the policyholder, or by an employer of insured persons, or by a union or association to which the insured persons belong, including expenditures made in connection with administration of such policies, shall be applied by the policyholder for the sole benefit of insured employees or members. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 25).)