Common Contracts

Contract

January 23rd, 2020

• Filed
  January 23rd, 2020

contract combined with a life insur- ance or annuity contract, which the in- surance company is under an obliga- tion to renew or continue at a specified premium and with respect to which a reserve in addition to the unearned premiums (as defined in paragraph (e) of this section) must be carried to cover that obligation. Such a health and accident contract shall be consid- ered noncancellable even though it states a termination date at a stipu- lated age, if, with respect to the health and accident contract, such age termi- nation date is 60 or over. Such a con- tract, however, shall not be considered to be noncancellable after the age ter- mination date stipulated in the con- tract has passed. However, if the age termination date stipulated in the con- tract occurs during the period covered by a premium received by the life in- surance company prior to such date, and the company cannot cancel or modify the contract during such pe- riod, the age termination date shall be deemed to occu