Section 26-A1003. GROUP LIFE INSURANCE

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1003.1For the purposes of this section, survivor insurance benefits also known as survivorship annuity, consist of benefits similar to a reversionary annuity, modified by a cutoff of benefits in case of remarriage. These benefits are seldom offered, if at all, in individual contracts.

1003.2For the purposes of this section and §§35-514 and 35-515 of the D.C. Code, 1981 ed., the expressions "term insurance" and "insurance" are not used as synonyms but to differentiate between these terms.

1003.3Survivor insurance benefits, whether in the form of an annuity or not, shall not be classified as term insurance.

1003.4Amount limits applicable to term insurance pursuant to §§35-514 and 35-515 of the D.C. Code, 1981 ed., shall not apply to contracts for survivor insurance benefits.

                    
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