§ 27-4.4-11 - Proration of values – Additional benefits. - Rhode Island Statutes

SECTION 27-4.4-11

   § 27-4.4-11  Proration of values –Additional benefits. – For any contract which provides, within the same contract by rider orsupplemental contract provision, both annuity benefits and life insurancebenefits that are in excess of the greater of cash surrender benefits or areturn of the gross consideration with interest, the minimum nonforfeiturebenefits shall be equal to the sum of the minimum nonforfeiture benefits forthe annuity portion and the minimum nonforfeiture benefits, if any, for thelife insurance portion computed as if each portion were a separate contract.Notwithstanding the provisions of §§ 27-4.4-5 – 27-4.4-8 and27-4.4-10, additional benefits payable (1) in the event of total and permanentdisability, (2) as reversionary annuity or deferred reversionary annuitybenefits, or (3) as other policy benefits additional to life insurance,endowment, and annuity benefits, and consideration for all additional benefits,shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-upannuity, cash surrender, and death benefits that may be required by thischapter. The inclusion of the benefits shall not be required in any paid-upbenefits, unless the additional benefits separately would require minimumnonforfeiture amounts, paid-up annuity, cash surrender, and death benefits.