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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

005
:
GROUP LIFE INSURANCE










 

§

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; and

(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. (1967, No. 344 (Adj. Sess.), § 1 (ch.

2, subch. 6, § 12).)