Ill. Admin. Code tit. 50, § 1053.10 - Computation of Premium Refunds

Current through Register Vol. 46, No. 15, April 8, 2022

a) The refund of return premiums in the case of Decreasing Term Insurance issue under Article IX1/2 of the Illinois Insurance Code shall be computed by the "Sum of Digits" formula, commonly known as the "Rule of Seventy Eighths".
b) The refund of return premiums in the case of Level Term Life Insurance shall be equal to the pro rata gross unearned premium.
c) A premium refund need not be made if the amount thereof is less than $1.00.

Notes

Ill. Admin. Code tit. 50, § 1053.10
Recodified from Part 953.10 at 41 Ill. Reg. 15873

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