(a) This subchapter
applies to insurance companies authorized to transact the business of life
insurance in this Commonwealth as regards solicitation of the sale of insurance
on the life of a Commonwealth resident unless excluded in subsection (b). This
subchapter equally applies to fraternal benefit societies authorized to
transact the business of life insurance in this Commonwealth and employing
representatives licensed as agents or brokers or selling life insurance on a
direct-response or mail-order basis.
This subchapter is not applicable to the
following kinds of insurance:
(2) Group life
(3) Credit life
(4) Life insurance of
less than $5,000.
insurance on substandard risks.
Life insurance issued in connection with qualified funded pension plans and
qualified retirement plans.
Life insurance issued as a result of a contractual policy change or conversion
(8) Life insurance where
the cost is borne in whole or in part by the employer of the insured.
(9) Policies having a varying face amount,
resulting from other than the application of dividends.
(10) Variable life insurance.
(11) Family policies.
(12) Term policies.