§3859. Grace; reinstatement; nonforfeiture

Link to law: http://legislature.vermont.gov/statutes/section/08/103/03859
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

006
:
VARIABLE ANNUITIES-SEPARATE ACCOUNTS










 

§

3859. Grace; reinstatement; nonforfeiture

(a) Except for

subdivisions 3731(2), (7), (8), and (9), sections 3741-3749, inclusive, and

section 3813 of this title in the case of a variable life insurance policy and

section 3750 of this title in the case of a variable annuity contract and

except as otherwise provided in this subchapter, all pertinent provisions of

this title apply to separate accounts and contracts relating thereto. Any

individual variable life insurance contract, delivered or issued for delivery

in this state shall contain grace, reinstatement and nonforfeiture provisions

appropriate to such a contract. Any group variable life insurance contract,

delivered or issued for delivery in this state, shall contain grace provisions

appropriate to such a contract.

(b) The reserve

liability for variable contracts shall be established in accordance with

actuarial procedures that recognize the variable nature of the benefits

provided and any mortality guarantees. (Added 1971, No. 106, § 5, eff. April 22,

1971; amended 1981, No. 43, § 11, eff. April 21, 1981.)
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