Ill. Admin. Code tit. 50, § 1415.10 - Scope
a) This Part
applies to individual life insurance policies, other than variable and
non-variable adjustable life policies and current assumption whole life
policies, that provide for an endowment benefit, materially less than the
policy face amount, at a specified intermediate duration during a longer period
of life insurance protection. The payment of an endowment benefit does not
alter or eliminate any premiums or benefits scheduled for the period subsequent
to the endowment date, nor does the policy automatically terminate upon payment
of the endowment benefit. Policies that offer a return of premium endowment
benefit may be considered a special case of the policies subject to this
Part.
b) Other products within the
scope of this Part and designed to provide similar benefits and having similar
premium structures (for example, products having a cash value at the end of an
initial level premium period equal to the total premiums paid) would be
expected to provide minimum cash values that are determined in a manner
consistent with this Part. For products with multiple endowment benefits, the
minimum cash values should be determined in accordance with the principles of
this Part.
Notes
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