Massachusetts life insurance and annuity contracts, including standard policy provisions

What this document is

Massachusetts life insurance and annuity contracts, including standard policy provisions: M.G.L. c. 175, ss. 118-132A1/2, 139-146A, 149, 204 is a state statute published by malegislature.gov. It is one of the Massachusetts documents that insurance license exam questions are written from, including massachusetts 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.

• M.G.L. ch. 175 § 132(1) (Required Policy Provisions; Grace Period)

  “A provision that the insured is entitled to thirty days of grace within which the payment of any premium after the first year may be made, subject at the option of the company to an interest charge not in excess of six per cent per annum for the number of days of grace elapsing before the payment...”

• M.G.L. ch. 175 § 132(2) (Required Policy Provisions; Incontestability)

  “A provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of two years from its date of issue except for non-payment of premiums or violation of the conditions of the policy relating to military or naval service in time of war and...”

• M.G.L. ch. 175 § 132(4) (Required Policy Provisions; Misstatement of Age)

  “A provision that if the age of the insured has been misstated the amount payable under the policy shall be such as the premium would have purchased at the correct age.”

• M.G.L. ch. 175 § 119A (Proceeds Retained by Life Company; Commutation and Assignment)

  “If, under the terms of any annuity contract or policy of life insurance, or under any written agreement supplemental thereto, issued by any life company, the proceeds are retained by such company at maturity or otherwise, no person entitled to any part of such proceeds, or any instalment of...”

• M.G.L. ch. 175 § 130 (Policies purporting to take effect more than six months before date of application)

  “Section 130. No policy of life or endowment insurance shall be issued or delivered in the commonwealth if it shall purport to be issued or to take effect as of a date more than six months before the date of the original written application, if thereby the applicant would rate at an age younger than...”

• M.G.L. ch. 175 § 123, second paragraph (Change of designation of beneficiary; disinterested witness)

  “No life insurance company shall accept or take action on any written request to change the designation of beneficiary under any policy of life or endowment insurance unless the signature of the person requesting the change is witnessed by a disinterested person. For purposes of this section, a...”

• M.G.L. ch. 175 § 144A1/2(a)(2) (Annuity contracts; required provisions; deferral of cash surrender benefit)

  “(2) If a contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified...”

• M.G.L. ch. 175 § 119B (Refund of prepaid individual life insurance premiums upon death of insured)

  “Section 119B. Upon the death of an insured, the proceeds payable under any policy of individual life insurance, other than a single-premium life insurance policy, delivered or issued for delivery in the commonwealth which is in force on a premium-paying basis on the date of death, shall include...”

• M.G.L. ch. 175 § 132, provision 11 (Required policy provisions; reinstatement)

  “A provision that the holder of a policy shall be entitled to have the policy reinstated at any time within three years from the date of default, unless the cash surrender value has been duly paid or the extension period has expired, upon the production of evidence of insurability satisfactory to...”

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More Massachusetts sources

• M.G.L. Chapter 176D - Unfair Methods of Competition and Unfair and Deceptive Acts and Practices in the Business of Insurance (Secs. 1, 2, 3, 3A, 4, 5, 11)State statute
• Massachusetts accident and health / disability policy provisions: M.G.L. c. 175, ss. 108-108N, 110A-110M, 111State statute
• M.G.L. ch. 176D, Unfair Methods of Competition and Unfair and Deceptive Acts and Practices in the Business of Insurance (complete chapter)State statute
• Massachusetts insurance contract and general provisions applicable to all insurers: M.G.L. c. 175, ss. 2, 2A, 2B, 3, 181-194State statute
• Massachusetts group and blanket health insurance: M.G.L. c. 175, ss. 110, 110D, 110G, 110I, 110J, 110K, 110LState statute
• Massachusetts group life insurance: M.G.L. c. 175, ss. 133-138AState statute
• Massachusetts Life and Health Insurance Guaranty Association Law: M.G.L. c. 175, s. 146BState statute
• Massachusetts Medicare supplement and long-term care insurance minimum standards: M.G.L. c. 175 s. 205; c. 176K ss. 1-9; c. 176U ss. 1-9State statute