31 Pa. Code § 89.41 - General filing requirements

(a) Incontestable clauses. Under sections 410 and 420C of the act (40 P. S. §§ 510 and 574) the permissible exclusions to the incontestable clause are clearly set forth and others are not permitted. Consequently, the hazard of engaging in military or naval services, except in time of war, and the hazard of aviation may not be made exclusions to the incontestable clause.

(b) [Reserved].

(c) Dividends payable to third parties. If dividends are to be paid to a third party, a statement shall be included showing the right of revocation of the policyholder.

(d) Special premium rates. In the case of rated policies calling for higher premiums than the corresponding standard contracts, the words "Special Premium Class," or a similar designation, shall be included in the brief description or on the specifications page.

(e) Work sheets. Because of the multitude of policies with almost infinite variation in nomenclature and language being submitted to the Department, it is requested that companies submitting new forms for approval also submit the work sheets showing the formulae for the net renewal premiums and for the reserves expressed in standard actuarial symbols with all pertinent data as to valuation basis, surrender charges, paid-up options and the like listed. The form shall show the name of the company and its address and identify the individual or firm responsible for the "certification" that the methodology is consistent with the premiums and benefits provided by the policy.

Notes

31 Pa. Code § 89.41

The provisions of this § 89.41 amended July 22, 1977, effective 7/23/1977, 7 Pa.B. 2059.