Life Insurance and Annuities

What this document is

Maryland Insurance Article Title 16 - Life Insurance and Annuities (74 sections) is a state statute published by Maryland General Assembly, Department of Legislative Services (mgaleg.maryland.gov). It is one of the Maryland documents that insurance license exam questions are written from, including maryland 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.

• Md. Code Ann., Ins. Title 16 § 16-503(f) (Required Annuity Contract Provisions)

  “If an annuity contract does not provide cash surrender benefits or does not provide death benefits that equal at least the minimum nonforfeiture amount before the start of annuity payments, the annuity contract shall contain a provision that so states in a prominent place in the annuity contract.”

• Md. Code Ann., Ins. Title 16 § 16-409 (Long Term Care Riders on Annuity Contracts)

  “An annuity contract may include a rider or supplemental contract provision that offers a contract holder reimbursement or payment for long–term home health care or long–term care in a nursing home or other related institution: (1) instead of or in addition to the annuity benefits payable under the...”

• Md. Code Ann., Ins. Title 16 § 16-104 (Misdated Life Insurance Applications and Policies)

  “(b) An insurance producer or other representative of an insurer may not in the State prepare, submit, or accept an application for life insurance that bears a date earlier than the date when the application was made by the insured or applicant, if, as a result, the premium on the policy is reduced...”

• Md. Code Ann., Ins. Title 16 § 16-311(d) (Additional Benefits Disregarded in Nonforfeiture Calculations)

  “the following additional benefits and premiums for the benefits shall be disregarded when calculating cash surrender values and nonforfeiture benefits required under this subtitle and need not be included in any paid-up nonforfeiture benefits: (1) benefits payable for death by accident or...”

• Md. Code Ann., Ins. Title 16 § 16-105 (Required Cancellation Notice on Policy or Annuity Contract)

  “(b) Each policy of life insurance or annuity contract subject to this title shall have attached to or prominently printed on its face the following information: (1) a notice to the policyholder that: (i) for 10 days after the date the policy or annuity contract is delivered to the policyholder, the...”

• Md. Code Ann., Ins. Title 16 § 16-111 (Exemption of Proceeds From Creditors)

  “(a) The proceeds of a policy of life insurance or under an annuity contract on the life of an individual made for the benefit of or assigned to the spouse, child, or dependent relative of the individual are exempt from all claims of the creditors of the individual arising out of or based on an...”

• Md. Code Ann., Ins. Title 16 § 16-118(c) (Death Master File Comparisons)

  “(c) (1) An insurer that issues, delivers, or renews a policy of life insurance or an annuity contract in the State shall perform a comparison of the insurer’s in–force life insurance policies, annuity contracts, and retained asset accounts against the latest version of a death master file to...”

• Md. Code Ann., Ins. Title 16 § 16-211 (Required Death Settlement Provision)

  “Each policy of life insurance shall contain a provision that when benefits become payable because of the death of the insured, settlement shall be made on receipt of proof of death and, at the insurer’s option, on surrender of the policy, proof of the interest of the claimant, or both. (b) The...”

• Md. Code Ann., Ins. Title 16 § 16-304(b) (Deferral of Cash Surrender Value Payment)

  “The insurer shall reserve the right to defer the payment of any cash surrender value for up to 6 months after demand for payment with surrender of the policy.”

• Md. Code Ann., Ins. Title 16 § 16-501 (Scope of the Standard Nonforfeiture Law for Individual Deferred Annuities)

  “This subtitle does not apply to: (1) reinsurance; (2) a group annuity purchased under a retirement plan or deferred compensation plan established or maintained by an employer, including a partnership or sole proprietorship, or employee organization, or by both, other than a plan that provides...”

• Md. Code Ann., Ins. Title 16 § 16-202(c) (Grace Period - Claim Arising During Grace Period)

  “(b) The policy continues in full force during the grace period. (c) If a claim arises under the policy during the grace period, the amount of any premium due or overdue may be deducted from the policy proceeds.”

• Md. Code Ann., Ins. Title 16 § 16-119(a)(2) (Life Insurance on the Life of a Minor)

  “(2) An application for a policy of life insurance on the life of a minor that is submitted for underwriting shall include: (i) the signature of the applicant; and (ii) unless the minor is emancipated or married, the consent and signature of the parent or legal guardian with whom the minor resides.”

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More Maryland sources

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