Life Insurance, Annuities, Burial Contracts and Life Settlements

What this document is

Connecticut General Statutes Chapter 700b - Life Insurance, Annuities, Burial Contracts and Life Settlements (Secs. 38a-430 through 38a-465q) is a state statute published by Connecticut General Assembly (cga.ct.gov). It is one of the Connecticut documents that insurance license exam questions are written from, including connecticut life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Conn. Gen. Stat. Chapter 700b § 38a-432a (Regulations Concerning Consumer Annuity Transactions)

  “The Insurance Commissioner shall adopt regulations, in accordance with chapter 54, to establish (1) standards for the sale or exchange of annuities, as defined in section 38a-1 , to consumers, and (2) procedures for making recommendations to consumers regarding the sale or exchange of an annuity.”

• Conn. Gen. Stat. Chapter 700b § 38a-437(b) (Copy of Application to Be Furnished)

  “If the company fails for thirty days from the time of the demand to furnish to the person making the demand a copy of the application, the company shall be forever barred from setting up, by way of defense to any suit on the policy of insurance, any error, incorrectness, fraud or misrepresentation...”

• Conn. Gen. Stat. Chapter 700b § 38a-465a(f) (Licensing of Life Settlement Providers and Brokers)

  “A person licensed as an attorney, certified public accountant or financial planner accredited by a nationally recognized accreditation agency, who is retained to represent the owner and whose compensation is not paid directly or indirectly by the provider or purchaser, may negotiate life settlement...”

• Conn. Gen. Stat. Chapter 700b § 38a-442 (Dating Back of Policies Prohibited)

  “No policy of life insurance shall be issued or delivered in this state if it purports to be issued or to take effect as of a date more than six months before the application for the insurance was made if thereby the applicant would rate at an age younger than at the date when the application was...”

• Conn. Gen. Stat. Chapter 700b § 38a-439(a) (Minimum Nonforfeiture Benefits; Cash Surrender Value)

  “The company shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy.”

• Conn. Gen. Stat. Chapter 700b § 38a-445 (Deferring the Granting of Loans and Surrender Values)

  “No policy of life or endowment insurance shall be issued or delivered in this state unless it contains a provision that the company may, at its option, defer the granting of any loan other than to pay premiums on policies in the company, and may, at its option, defer the granting of any surrender...”

• Conn. Gen. Stat. Chapter 700b § 38a-465f(b) (Required Disclosures)

  “The written disclosures shall be conspicuously displayed in any life settlement contract furnished to an owner by a provider, including any affiliations or contractual arrangements between the provider and the broker. Failure to provide the disclosures or rights set forth in this section shall be...”

• Conn. Gen. Stat. Chapter 700b § 38a-436 (Notice of Voidability of Individual Insurance Contracts)

  “Every individual life insurance policy delivered or issued for delivery to any person in this state shall have printed thereon or attached thereto a notice stating, in substance, that the policy may be returned by the applicant for cancellation by delivering or mailing the policy to the insurer or...”

• Conn. Gen. Stat. Chapter 700b § 38a-452(b) (Payment of Interest on Life Insurance Death Benefits)

  “In the event no action has been commenced, interest upon the principal sum paid to the beneficiary or policyholder respectively shall be computed daily at the rate of interest currently paid by the insurer on proceeds left under the interest settlement option, commencing no later than ten days...”

• Conn. Gen. Stat. Chapter 700b § 38a-447a (Exclusion of Coverage on the Basis of Naloxone Prescription Prohibited)

  “no life insurance or annuity policy or contract shall be delivered, issued for delivery, renewed or continued in this state that excludes coverage solely on the basis of receipt of a prescription for naloxone, commonly referred to as an opioid antagonist, or any naloxone biosimilar or naloxone...”

• Conn. Gen. Stat. Chapter 700b § 38a-444(g) (Life Insurance Policy Loans; Interest Rate Allowable)

  “No policy shall terminate in a policy year as the sole result of a change in the interest rate during that policy year. The life insurer shall maintain coverage during that policy year until the time at which it would otherwise have terminated if there had been no change.”

• Conn. Gen. Stat. Chapter 700b § 38a-465g(m) (Prohibition on Settling a Recently Issued Policy)

  “No person at any time prior to, or at the time of, the application for or issuance of a policy, or during a two-year period commencing with the date of issuance of the policy, shall enter into a life settlement contract regardless of the date the compensation is to be provided and regardless of the...”

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More Connecticut sources

• Conn. Gen. Stat. Ch. 700c - Health InsuranceState statute
• Conn. Gen. Stat. Ch. 701a - Insurance Producers, Agents and Third-Party AdministratorsState statute
• Conn. Gen. Stat. Chapter 702 - LicensingState statute
• Conn. Gen. Stat. Ch. 704 - Unfair and Prohibited Practices (Unfair Insurance Practices Act)State statute
• Connecticut General Statutes Chapter 698a - Health Care and Related Service Groups (Secs. 38a-175 through 38a-225)State statute
• Connecticut General Statutes Chapter 699 - Insurance Contracts in General (Secs. 38a-283 through 38a-291)State statute
• Connecticut General Statutes Chapter 699a - Readable Language in Insurance Policies (Secs. 38a-295 through 38a-300)State statute
• Connecticut General Statutes Chapter 700c - Health Insurance, first third (Secs. 38a-469 through 38a-483)State statute