Oregon Revised Statutes Chapter 743 § 743.204 — Standard Nonforfeiture Law for Life Insurance; applicability

Standard Nonforfeiture Law for Life Insurance; applicability. (1) ORS 743.204 to 743.222 may be cited as the Standard Nonforfeiture Law for Life Insurance. (2) The operative date of the Standard Nonforfeiture Law for Life Insurance as to any policy is the earlier of: (a) January 1, 1948; or (b) The date specified in a written notice, filed with the Director of the Department of Consumer and Business Services by the insurer, of election to comply with the Standard Nonforfeiture Law for Life Insurance as to such policy as of the specified date. (3) The Standard Nonforfeiture Law for Life Insurance shall not apply to: (a) Any reinsurance, group insurance, pure endowment, annuity or reversionary annuity policy. (b) Any term policy or renewal thereof, of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy. For this purpose, the age at death for a joint term life insurance policy shall be the age at death of the oldest life. (c) Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, if each adjusted premium, calculated as specified in ORS