§ 58-60-95. Purpose; intent; and scope. - North Carolina Statutes

§ 58‑60‑95. Purpose; intent; and scope.

(a)        The purpose of thisPart is to establish standards that ensure meaningful information is providedto the purchasers of small face amount policies.

(b)        This Part appliesto any life insurance policy or certificate with an initial face amount offifteen thousand dollars ($15,000) or less.

(c)        This Part does notapply to:

(1)        Variable lifeinsurance.

(2)        Individual and groupannuity contracts.

(3)        Credit lifeinsurance.

(4)        Group or individualpolicies of life insurance issued to members of an employer group or otherpermitted group where:

a.         Every plan ofcoverage was selected by the employer or other group representative;

b.         Some portion of thepremium is paid by the group or through payroll deduction; and

c.         Group underwritingor simplified underwriting is used.

(5)        Policies andcertificates where an illustration has been provided pursuant to therequirements of Title 11, Chapter 4, Section .0500 of the North CarolinaAdministrative Code. (2005‑234, s. 1.10.)