(a)Provisions for maturity at certain ages, for continuous installments during the lifetime of the insured or beneficiaries, or both, for refund of premiums, cash, loan, paid-up and extended values, dividends from gains and savings, and such other provisions for the protection and advantage of and for alternative benefits to the insured and the beneficiaries as may be found to be reasonable and practicable may be provided for in insurance contracts or from time to time by regulations.
(b)All calculations on insurance shall be based upon the American Experience Table of Mortality and interest at 31/2 percent per annum, except that no deduction shall be made for continuous installments during the life of the insured in case the insured’s total and permanent disability continues more than two hundred and forty months.
(c)On and after July 19, 1939, the rate of interest charged on any loan secured by a lien on insurance shall not exceed 5 percent per annum.
1991—Pub. L. 102–83renumbered section
744 of this title as this section.
1986—Subsec. (b). Pub. L. 99–576substituted “the insured’s” for “his”.
1982—Subsecs. (b), (c). Pub. L. 97–295substituted “percent” for “per centum”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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