Section 26-A2714. OTHER POLICY PROVISIONS

 

2714.1The following provision may in substance be included in a variable life insurance policy or related form delivered or issued for delivery in the District:

 

(a)An exclusion for suicide within two (2) years of the issue date of the policy provided, however, that to the extent of the increased death benefits only, the policy may provide an exclusion for suicide within two years of any increase in death benefits which result from an application of the owner subsequent to the policy issue date;

 

(b)Incidental insurance benefits may be offered on a fixed or variable basis;

 

(c)Policies issued on a participating basis shall offer to pay dividend amounts in cash. In addition, such policies may offer the following dividend options:

 

(1)The amount of the dividend may be credited against premium payments;

 

(2)The amount of the dividend may be applied to provide paid-up amounts of additional fixed or variable benefit whole life insurance;

 

(3)The amount of the dividend may be deposited in the general account at a specified minimum rate of interest;

 

(4)The amount of the dividend may be applied to provide paid-up amounts of fixed benefit one-year term insurance;

 

(5)The amount of the dividend may be deposited as a variable deposit in a separate account.

 

(d)A provision allowing the policyholder to elect in writing in the application for the policy or thereafter an automatic premium loan on a basis not less favorable than that required of policy loans under Section 2713, except that a restriction that no more than two consecutive premiums can be paid under this provision may be imposed;

 

(e)A provision allowing the policyholder to make partial withdrawals;

 

(f)Any other policy provision approved by the Commissioner.

 

source

Final Rulemaking published at 42 DCR 1047 (February 24, 1995).