20-254. "Life insurance" defined
"Life insurance" is insurance on human lives and insurance appertaining thereto or
connected therewith. The transacting of life insurance includes the granting of
endowment benefits, additional benefits in the event of death or dismemberment by
accident or accidental means, additional benefits in the event of the disability of the
insured and optional modes of settlement of proceeds of life insurance. An insurer
authorized to transact life insurance may also grant annuities.
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