reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  16-212 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-212 - Designation of Beneficiary

    (a)    (1)    Each policy of life insurance shall have the name of the beneficiary designated on the policy, or in the application or another form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the policy is issued, unless the beneficiary is irrevocably designated.        (2)    An insurer may include in the policy a provision that a designation or change of beneficiary is not binding on the insurer until endorsed on the policy or otherwise accepted by the insurer.    (b)    (1)    Subject to paragraph (2) of this subsection, a policy of life insurance may provide that the insurer may make a payment under the policy to:            (i)    the estate of the insured;            (ii)    any relative of the insured by blood, legal adoption, or connection by marriage; or            (iii)    a person that appears to the insurer to be equitably entitled to the benefits because the person is a named beneficiary or has incurred expenses for the maintenance, medical attention, or burial of the insured.        (2)    The insurer may make a payment under paragraph (1) of this subsection only if:            (i)    within the period stated in the policy, which may not be less than 30 days after the death of the insured, the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with proof of death;            (ii)    the beneficiary is the estate of the insured;            (iii)    the beneficiary is a minor;            (iv)    the beneficiary dies before the insured; or            (v)    the beneficiary is not legally competent to give a valid release.        (3)    A policy of life insurance may include a provision that is similar to that described in paragraphs (1) and (2) of this subsection and is applicable to any other payment due under the policy.        (4)    A policy of industrial life insurance also may provide that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured.
MD. Insurance Code Ann. §  16-213 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-213 - Brief Description of Policy

    (a)    A policy of life insurance other than a policy of group life insurance may not be delivered or issued for delivery in the State unless the policy has a legible and brief description of the policy on the first page of the policy.    (b)    The brief description shall include:        (1)    the title or type or plan of policy, including the term “industrial” or “wholesale” if applicable;        (2)    how long premiums are to be paid;        (3)    if and when the premium may change, except for a change because of a supplementary agreement;        (4)    if the benefit is not level, the use of the term “graded benefit” or a similar term to so indicate;        (5)    whether the policy is participating or nonparticipating;        (6)    if the policy is written on a rated underwriting basis, the terms “substandard class” or “rated class” or a substantially similar term; and        (7)    if the policy provides for the return of premiums as an additional benefit, the period during which the benefit is applicable.    (c)    Notwithstanding subsections (a) and (b) of this section, the brief description need not contain the items of information described in subsection (b) of this section, except for the items described in subsection (b)(1) and (5) of this section, if in the opinion of the Commissioner any of those items are:        (1)    already contained in and presented conspicuously in tabular form on the first page of the policy; or        (2)    presented conspicuously elsewhere in the policy and referred to in the description on the first page of the policy.
MD. Insurance Code Ann. §  16-214 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-214 - Long-Term Care

    A policy of life insurance may include a rider or supplemental policy provision that offers an insured or certificate holder reimbursement or payment for long-term home health care or long-term care in a nursing home or other related institution:         (1)    instead of or in addition to benefits payable because of the death of the insured or certificate holder; or        (2)    instead of all or part of the cash surrender or other nonforfeiture value of the policy.
MD. Insurance Code Ann. §  16-216 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-216 - Prohibited Policy Provisions

    (a)    Subject to subsection (b) of this section, a policy of life insurance may not contain:        (1)    a provision that the insurer may reduce or deny liability under the policy because the insured has previously obtained other insurance from the same insurer;        (2)    a provision that gives the insurer the right to declare the policy void because the insured has had a disease or ailment, whether specified or not, or has received institutional, hospital, medical, or surgical treatment or attention; or        (3)    a provision that gives the insurer the right to declare the policy void because the insured has been rejected for insurance, unless the right is conditioned on a showing by the insurer that knowledge of the rejection would have led to a refusal by the insurer to issue the policy.    (b)    Subsection (a)(2) of this section does not prohibit a policy provision that gives the insurer the right to declare the policy void if:        (1)    the insured has received institutional, hospital, medical, or surgical treatment or attention within 2 years before the policy was issued; and        (2)    the insured or a claimant under the policy fails to show that the condition occasioning the treatment or attention was not serious or was not material to the risk.
MD. Insurance Code Ann. §  16-217 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-217 - Required Provisions for Wholesale Life Insurance Policies

    A policy of wholesale life insurance may not be delivered or issued for delivery in the State unless:         (1)    the policy contains the provisions and conforms to the requirements that the Commissioner sets by regulation; and        (2)    a copy of the form for the policy has been filed under § 12-203 of this article and approved by the Commissioner.
MD. Insurance Code Ann. §  16-218 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-218 - Permitted Riders and Provisions

    A policy of life insurance may include a rider or supplemental policy provision that operates to safeguard the contract from lapse in the event of involuntary unemployment.
MD. Insurance Code Ann. §  16-219 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 2 - Life Insurance Policy Provisions|Section 16-219 - Notice to Policyholders of Universal or Variable Life Insurance

    (a)    (1)    If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder.        (2)    The notice shall state:            (i)    that the policyholder’s policy allows for a reduction of the face amount of the policy as an option to retain coverage;            (ii)    the amount to be paid to prevent the policy from lapse; and            (iii)    the insurer’s customer service telephone number.    (b)    The notice shall be sent to a policyholder’s last known address:        (1)    at the beginning of the grace period under § 16–202 of this subtitle; and        (2)    at least 30 days before termination of coverage.
MD. Insurance Code Ann. §  16-301 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-301 - Scope of Subtitle; Applicability of Subtitle

    (a)    This subtitle does not apply to:        (1)    reinsurance;        (2)    group life insurance;        (3)    a pure endowment;        (4)    an annuity contract or reversionary annuity contract;        (5)    a term policy of a uniform amount that:            (i)    does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;            (ii)    is for 20 years or less and expires before the insured’s age 71; and            (iii)    requires uniform premiums, payable during the entire term of the policy;        (6)    a term policy of a decreasing amount:            (i)    that does not provide guaranteed nonforfeiture or endowment benefits; and            (ii)    on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:                1.    does not provide guaranteed nonforfeiture or endowment benefits;                2.    is issued at the same age and for the same initial amount of insurance;                3.    is for 20 years or less and expires before the insured’s age 71; and                4.    requires uniform premiums, payable during the entire term of the policy; or        (7)    a policy that:            (i)    does not provide guaranteed nonforfeiture or endowment benefits; and            (ii)    has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.    (b)    For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.
MD. Insurance Code Ann. §  16-302 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-302 - Operative Date of Subtitle

    The operative date of this subtitle is:         (1)    a date from June 2, 1947, to April 29, 1949, both inclusive, as specified by the insurer if the insurer filed with the Commissioner written notice of an election to comply with this subtitle on a date before April 30, 1949;        (2)    a date from May 1, 1949, to January 1, 1950, both inclusive, if allowed by the Commissioner; or        (3)    April 30, 1949.
MD. Insurance Code Ann. §  16-304 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-304 - Inapplicable Provisions; Deferral of Payment of Cash Surrender Value

    (a)    Any provision required under § 16-303(b) through (g) of this subtitle may be omitted from a policy of life insurance to the extent that the provision does not apply under the insurance plan.    (b)    The insurer shall reserve the right to defer the payment of any cash surrender value for up to 6 months after demand for payment with surrender of the policy.
MD. Insurance Code Ann. §  16-306 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-306 - Paid-Up Nonforfeiture Benefit After Premium in Default

    On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary:         (1)    shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or        (2)    if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.
MD. Insurance Code Ann. §  16-310 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-310 - Plans to Which 16-303 Through 16-309 Not Applicable

    (a)    This section applies to a plan of life insurance:        (1)    that provides that the insurer will determine future premiums based on future experience estimates; or        (2)    the minimum values of which cannot be determined under the applicable provisions of §§ 16-303 through 16-309 of this subtitle.    (b)    The Commissioner must be satisfied that:        (1)    the benefits provided under the plan described in subsection (a) of this section are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by §§ 16-303 through 16-309 of this subtitle; and        (2)    the benefits and the pattern of premiums under the plan do not mislead prospective policyholders or insureds.    (c)    The cash surrender values and paid-up nonforfeiture benefits provided by a plan subject to this section may not be less than the minimum values and benefits required for the plan calculated by a method consistent with the principles of this subtitle, as determined by regulations adopted by the Commissioner.
MD. Insurance Code Ann. §  16-311 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-311 - Miscellaneous Calculation Provisions

    (a)    On default of a premium payment due on a policy of life insurance at a time other than the policy anniversary, any cash surrender value and paid-up nonforfeiture benefit available under the policy shall be calculated with an allowance for the lapse of time and the payment of any fractional premiums since the immediately preceding policy anniversary.    (b)    Values referred to in §§ 16-305 through 16-309 of this subtitle may be calculated on the assumption that a death benefit is payable at the end of the policy year of death.    (c)    The net value of any paid-up additions, other than paid-up term additions, may not be less than the amounts used to provide the additions.    (d)    Notwithstanding § 16-305 of this subtitle, the following additional benefits and premiums for the benefits shall be disregarded when calculating cash surrender values and nonforfeiture benefits required under this subtitle and need not be included in any paid-up nonforfeiture benefits:        (1)    benefits payable for death by accident or accidental means;        (2)    benefits payable for dismemberment or loss of sight;        (3)    benefits payable for total and permanent disability;        (4)    benefits payable as a reversionary annuity or deferred reversionary annuity benefits;        (5)    benefits for long-term home health care and long-term care in a nursing home or similar institution;        (6)    term insurance benefits provided by a rider or supplemental policy provision if this subtitle would not apply had the rider or supplemental policy provision been issued as a separate policy;        (7)    term insurance benefits payable on the life of a child provided in a policy on the life of a parent of the child if the term insurance:            (i)    expires before the child turns 26 years old;            (ii)    is a uniform amount after the child is 1 year old;            (iii)    has not become paid-up due to the death of a parent of the child; and        (8)    other policy benefits additional to life insurance or endowment benefits.
MD. Insurance Code Ann. §  16-313 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance|Section 16-313 - Short Title

    This subtitle is the Maryland Standard Nonforfeiture Law for Life Insurance.
MD. Insurance Code Ann. §  16-401 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-401 - Standard Provisions Required; Exceptions

    (a)    Except as otherwise provided in this section, an annuity contract or pure endowment contract may not be delivered or issued for delivery in the State unless it contains in substance each applicable provision required by §§ 16-402 through 16-407 of this subtitle.    (b)    This section does not apply to:        (1)    reversionary annuities or survivorship annuities;        (2)    group annuities; or        (3)    contracts for deferred annuities included in or on the lives of beneficiaries under policies of life insurance.    (c)    To the extent that a provision required by this subtitle does not apply to a single premium annuity contract or single premium pure endowment contract, the provision need not be included in the annuity contract or pure endowment contract.
MD. Insurance Code Ann. §  16-402 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-402 - Grace Period

    (a)    Each annuity contract and each pure endowment contract shall contain a provision that a grace period of not less than 30 days shall be allowed within which any stipulated payment to the insurer due after the first may be made.    (b)    The annuity contract or pure endowment contract continues in full force during the grace period.    (c)    The insurer may charge interest on a payment made during the grace period at a rate specified in the annuity contract or pure endowment contract, not exceeding 6% per year, for the number of days that elapse in the grace period before the payment.    (d)    If a claim arises under the annuity contract or pure endowment contract due to death during the grace period before the overdue payment to the insurer or any deferred payments of the current contract year are made, the amount of the payments, with interest on any overdue payments, may be deducted from any amount payable under the annuity contract or pure endowment contract in settlement.
MD. Insurance Code Ann. §  16-403 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-403 - Incontestability

    (a)    Subject to § 16-405 of this subtitle, if a statement, other than a statement about age, sex, or identity, is required as a condition to issuing an annuity contract or pure endowment contract, each annuity contract and each pure endowment contract shall contain a provision that the contract is incontestable, except for nonpayment of stipulated payments to the insurer, after the contract has been in force during the lifetime of the individual or individuals as to whom the statements are required for 2 years after its date of issue.    (b)    At the option of the insurer, the contract may also except from the incontestability provision described in subsection (a) of this section provisions that relate to disability benefits or to additional benefits for death by accident or accidental means.
MD. Insurance Code Ann. §  16-404 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-404 - Contract Between Parties

    Each annuity contract and each pure endowment contract shall contain a provision that the contract, or the contract and the application for the contract if a copy of the application is endorsed on or attached to the contract when issued, constitute the entire contract between the parties.
MD. Insurance Code Ann. §  16-405 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-405 - Misstatement of Age or Sex

    (a)    Each annuity contract and each pure endowment contract shall contain a provision that, if the age or sex of the individual or individuals on whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benefit accruing under the contract shall be the amount or benefit that the stipulated payment would have purchased had the correct age or sex been stated.    (b)    Each contract also shall contain a provision that if the insurer makes or has made an overpayment because of a misstatement of age or sex, the amount of the overpayment, with interest at a rate specified in the contract but not exceeding 6% per year, may be charged against the current or next payment or payments to be made by the insurer under the contract.
MD. Insurance Code Ann. §  16-406 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-406 - Dividends

    (a)    (1)    Each participating annuity contract and each participating pure endowment contract shall contain a provision that:            (i)    each year the insurer shall determine and apportion any divisible surplus under the contract that will accrue on the contract anniversary or other dividend date specified in the contract; and            (ii)    the dividends arising from the apportionment shall be credited each year beginning not later than the end of the third contract year.        (2)    The payment of any dividend payable on or after the end of the third contract year may not be made contingent on the payment of any consideration due on or after the date when the dividend becomes payable.    (b)    (1)    Each contract shall contain a provision that the party entitled to the dividend may elect to have the dividend paid in cash or applied to the payment of any consideration then due.        (2)    Each contract shall contain a provision that a specified option becomes effective unless the party entitled to the dividend notifies the insurer in writing of election of a different option within 30 days after the date on which the dividend is payable.    (c)    A deferred annuity contract need not provide for participation in surplus after annuity payments begin.    (d)    This section does not prohibit an insurer from granting to the party entitled to the dividend the right to elect another dividend option offered by the insurer in addition to the options required by this section, whether or not the additional option is specified in the contract.
MD. Insurance Code Ann. §  16-407 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-407 - Reinstatement

    (a)    Each annuity contract and each pure endowment contract shall contain a provision that, unless the cash surrender value has been paid, the contract may be reinstated, within 1 year after default in making stipulated payments to the insurer, on the payment of all overdue stipulated payments and the payment or reinstatement of any other indebtedness to the insurer on the contract, with interest on the payments and other indebtedness at a rate specified in the contract not exceeding 6% per year.    (b)    If applicable, the insurer may require evidence of insurability satisfactory to the insurer.