State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-103 > 3746

§ 3746. Calculation of uniform amount of insurance and adjusted premiums for supplemental benefits

(a) This section shall not apply to policies issued on or after the operative date of section 3747a of this title as defined therein.

(b) In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of sections 3745-3747 of this title shall be deemed to be the uniform amount of insurance provided by an otherwise similar policy, containing the same endowment benefit or benefits, if any, issued at the same age and for the same term, the amount of which does not vary with duration and the benefits under which have the same present value at the date of issue as the benefits under the policy, provided, however, that in the case of a policy providing a varying amount of insurance issued on the life of a child under age 10, the equivalent uniform amount may be computed as though the amount of insurance provided by the policy prior to the attainment of age 10 were the amount provided by such policy at age ten.

(c) The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provisions shall be equal to (i) the adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased, during the period for which premiums for such term insurance benefits are payable, by (ii) the adjusted premiums for such term insurance, the foregoing items (i) and (ii) being calculated separately and as specified in section 3745 and subsection 3746(a) of this title except that, for the purposes of subsections 3745(b), (c), and (d) of this title the amount of insurance or equivalent uniform amount of insurance used in the calculation of the adjusted premiums referred to in (ii) shall be equal to the excess of the corresponding amount determined for the entire policy over the amount used in the calculation of the adjusted premiums in (i). (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 4, § 6); amended 1983, No. 55, § 4.)

State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-103 > 3746

§ 3746. Calculation of uniform amount of insurance and adjusted premiums for supplemental benefits

(a) This section shall not apply to policies issued on or after the operative date of section 3747a of this title as defined therein.

(b) In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of sections 3745-3747 of this title shall be deemed to be the uniform amount of insurance provided by an otherwise similar policy, containing the same endowment benefit or benefits, if any, issued at the same age and for the same term, the amount of which does not vary with duration and the benefits under which have the same present value at the date of issue as the benefits under the policy, provided, however, that in the case of a policy providing a varying amount of insurance issued on the life of a child under age 10, the equivalent uniform amount may be computed as though the amount of insurance provided by the policy prior to the attainment of age 10 were the amount provided by such policy at age ten.

(c) The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provisions shall be equal to (i) the adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased, during the period for which premiums for such term insurance benefits are payable, by (ii) the adjusted premiums for such term insurance, the foregoing items (i) and (ii) being calculated separately and as specified in section 3745 and subsection 3746(a) of this title except that, for the purposes of subsections 3745(b), (c), and (d) of this title the amount of insurance or equivalent uniform amount of insurance used in the calculation of the adjusted premiums referred to in (ii) shall be equal to the excess of the corresponding amount determined for the entire policy over the amount used in the calculation of the adjusted premiums in (i). (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 4, § 6); amended 1983, No. 55, § 4.)


State Codes and Statutes

State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-103 > 3746

§ 3746. Calculation of uniform amount of insurance and adjusted premiums for supplemental benefits

(a) This section shall not apply to policies issued on or after the operative date of section 3747a of this title as defined therein.

(b) In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of sections 3745-3747 of this title shall be deemed to be the uniform amount of insurance provided by an otherwise similar policy, containing the same endowment benefit or benefits, if any, issued at the same age and for the same term, the amount of which does not vary with duration and the benefits under which have the same present value at the date of issue as the benefits under the policy, provided, however, that in the case of a policy providing a varying amount of insurance issued on the life of a child under age 10, the equivalent uniform amount may be computed as though the amount of insurance provided by the policy prior to the attainment of age 10 were the amount provided by such policy at age ten.

(c) The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provisions shall be equal to (i) the adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased, during the period for which premiums for such term insurance benefits are payable, by (ii) the adjusted premiums for such term insurance, the foregoing items (i) and (ii) being calculated separately and as specified in section 3745 and subsection 3746(a) of this title except that, for the purposes of subsections 3745(b), (c), and (d) of this title the amount of insurance or equivalent uniform amount of insurance used in the calculation of the adjusted premiums referred to in (ii) shall be equal to the excess of the corresponding amount determined for the entire policy over the amount used in the calculation of the adjusted premiums in (i). (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 4, § 6); amended 1983, No. 55, § 4.)