Maryland § 16-301

§ 16-301.

    (a)    This subtitle does not apply to:

        (1)    reinsurance;

        (2)    group life insurance;

        (3)    a pure endowment;

        (4)    an annuity contract or reversionary annuity contract;

        (5)    a term policy of a uniform amount that:

            (i)    does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;

            (ii)    is for 20 years or less and expires before the insured’s age 71; and

            (iii)    requires uniform premiums, payable during the entire term of the policy;

        (6)    a term policy of a decreasing amount:

            (i)    that does not provide guaranteed nonforfeiture or endowment benefits; and

            (ii)    on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:

                1.    does not provide guaranteed nonforfeiture or endowment benefits;

                2.    is issued at the same age and for the same initial amount of insurance;

                3.    is for 20 years or less and expires before the insured’s age 71; and

                4.    requires uniform premiums, payable during the entire term of the policy; or

        (7)    a policy that:

            (i)    does not provide guaranteed nonforfeiture or endowment benefits; and

            (ii)    has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.

    (b)    For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.