California Insurance Code 10509.952 – This chapter shall apply to all group and individual life insurance …
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This chapter shall apply to all group and individual life insurance policies and certificates except as follows:
(a) Variable life insurance.
Terms Used In California Insurance Code 10509.952
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Life insurance: means insurance upon the lives of persons or appertaining thereto. See California Insurance Code 10509.953
(b) Individual and group annuity contracts.
(c) Credit life insurance.
(d) Life insurance policies with no illustrated death benefits on any individual exceeding ten thousand dollars ($10,000).
(Added by Stats. 1996, Ch. 1106, Sec. 1. Effective January 1, 1997. Section operative July 1, 1997, pursuant to Section 10509.965.)