Pennsylvania § 7120 - Minimum reserves.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 7120 — Minimum reserves., with citation guidance and answers to common questions.
§ 7120. Minimum reserves.
(a) Amount calculated.--A company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after May 17, 1921, shall not be less than the aggregate reserves calculated by using the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies and in accordance with the methods set forth in:
(1) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).
(2) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).
(3) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).
(4) Section 7123 (relating to reserve calculation for indeterminate premium plans).
(b) Amount necessary to render actuarial opinion.--The aggregate reserves for all policies, contracts and benefits shall not be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual).
Cross References. Section 7120 is referred to in section 7103 of this title.
Frequently Asked Questions About Pennsylvania § 7120
What does Pennsylvania Consolidated Statutes § 7120 cover?
Section 7120 ("Minimum reserves.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 7120?
A common citation format is "Pennsylvania Consolidated Statutes § 7120" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 7120 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.