{"data":{"id":"us-md/md.-code-insurance-16-301","jurisdiction":"us-md","citation":"Md. Code, Insurance § 16–301","heading":"","body":"(a) This subtitle does not apply to:\n(1) reinsurance;\n(2) group life insurance;\n(3) a pure endowment;\n(4) an annuity contract or reversionary annuity contract;\n(5) a term policy of a uniform amount that:\n(i) does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;\n(ii) is for 20 years or less and expires before the insured’s age 71; and\n(iii) requires uniform premiums, payable during the entire term of the policy;\n(6) a term policy of a decreasing amount:\n(i) that does not provide guaranteed nonforfeiture or endowment benefits; and\n(ii) on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:\n1. does not provide guaranteed nonforfeiture or endowment benefits;\n2. is issued at the same age and for the same initial amount of insurance;\n3. is for 20 years or less and expires before the insured’s age 71; and\n4. requires uniform premiums, payable during the entire term of the policy; or\n(7) a policy that:\n(i) does not provide guaranteed nonforfeiture or endowment benefits; and\n(ii) has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.\n(b) For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.","path":["Article - Insurance"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin\u0026section=16-301","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:28Z","sha256":"aa0283f0c2b61f1ea0b33fd6fb243d5c6e95cb496cc3529f7da73dd955618060","source_id":"us-md","stale":false,"prev":"us-md/md.-code-insurance-16-219","next":"us-md/md.-code-insurance-16-302"},"notice":"GroundRules: Original legal text. Not legal advice."}