State statute · Ohio

Life Insurance Policy Provisions and Nonforfeiture

Ohio Revised Code Chapter 3915, 16 sections

Publisher: Ohio Legislative Service Commission, codes.ohio.gov
Edition: Ohio Revised Code, official text as captured by the Internet Archive
Last checked: 2026-08-31
Status: US state statute

Edition and licensing notes

Publisher. Ohio Legislative Service Commission, codes.ohio.gov (retrieved via an Internet Archive snapshot of the official site)

Status. US state statute; public domain.

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What this document is

Ohio Revised Code Chapter 3915 - Life Insurance Policy Provisions and Nonforfeiture (16 sections) is a state statute published by Ohio Legislative Service Commission, codes.ohio.gov (retrieved via an Internet Archive snapshot of the official site). It is one of the Ohio documents that insurance license exam questions are written from, including ohio 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.

Ohio Rev. Code Chapter 3915 § 3915.21 (Accelerated Benefits Definitions)
“(A) "Accelerated benefits" means the benefits that are payable under a policy and that meet all of the following criteria: (1) The benefits are payable to the policyholder or certificate holder during the lifetime of the insured and upon the occurrence of a qualifying event. (2) The benefits are...”
Ohio Rev. Code Chapter 3915 § 3915.051(E) (Policy Loan Interest Rates - Rate Adjustment Intervals)
“(1) The rate being charged may be increased whenever such increase as determined under division (C) of this section would increase that rate by one-half per cent or more per annum; (2) The rate being charged must be reduced whenever such reduction as determined under division (C) of this section...”
Ohio Rev. Code Chapter 3915 § 3915.071(B)(2) (Alternative Nonforfeiture Benefit)
“(2) That upon proper request, within the same sixty-day period, the company may substitute an alternative nonforfeiture benefit of an actuarially equivalent value. The amount may be greater or the death benefit may be for a longer period. If the benefit is an endowment benefit, the amount may be...”
Ohio Rev. Code Chapter 3915 § 3915.071(B)(4) (Default Paid-Up Nonforfeiture Benefit)
“(4) That if another available nonforfeiture benefit is not elected within sixty days after the due date of an unpaid premium, the paid-up nonforfeiture benefit specified in the policy shall become effective.”
Ohio Rev. Code Chapter 3915 § 3915.13 (Back-dating policies)
“No life insurance company nor any of its agents shall knowingly make, issue, or deliver in this state any policy or contract of life insurance which purports to be issued or to take effect as of a date more than six months before the application therefor was made, if thereby the premium on such...”
Ohio Rev. Code Chapter 3915 § 3915.071(B)(3) (Cash Surrender Value on Default)
“(3) That after premiums have been paid for at least three full years for ordinary insurance or for at least five full years for industrial insurance, the company will, upon surrender of the policy within sixty days after the due date of an unpaid premium, pay a cash surrender value in the amount...”
Ohio Rev. Code Chapter 3915 § 3915.02 (Application of law)
“This chapter does not apply to annuities except as provided in sections 3915.051 , 3915.073 , 3915.14 , and 3915.21 to 3915.24 of the Revised Code, industrial policies except as provided in sections 3915.07 and 3915.071 of the Revised Code, fraternal benefit societies, corporations or associations...”
Ohio Rev. Code Chapter 3915 § 3915.073(F) (Cash Surrender and Death Benefit Minimums)
“In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.”
Ohio Rev. Code Chapter 3915 § 3915.073(C)(2) (Deferral of Cash Surrender Benefit Payment)
“The company may reserve the right to defer the payment of such cash surrender benefit for a period not to exceed six months after demand therefor with surrender of the contract. The deferral is contingent upon the company's conveyance of a written request for the deferral to the superintendent and...”
Ohio Rev. Code Chapter 3915 § 3915.22(B) (Application of Chapter, Long-Term Care Exception)
“(B) Sections 3915.21 to 3915.24 of the Revised Code do not apply to any policy that provides accelerated benefits for the sole purpose of providing directly or supplementing long-term care insurance as defined in section 3923.41 of the Revised Code.”
Ohio Rev. Code Chapter 3915 § 3915.05(E) (Understatement of Age Provision)
“(E) A provision that if the age of the insured has been understated the amount payable under the policy shall be such as the premium would have purchased at the correct age;”
Ohio Rev. Code Chapter 3915 § 3915.051(G) (Policy Loan Interest Rates - Effect on Policy Termination)
“(G) No policy shall terminate in a policy year as the sole result of a change in the interest rate during that policy year, and 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 during that policy year.”

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