20:06:21:01.05Treatment of accelerated benefits in life insurance.

Accelerated benefits payable under a life insurance contract: (1) To a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; and (2) That reduce the death benefit otherwise payable under the life insurance contract; and (3) That are payable upon the occurrence of a single qualifying event that results in the payment of a benefit amount determined at the time of acceleration are not considered to be charging a separate premium pursuant to § 20:06:21:01.03.

Source: 32 SDR 203, effective June 5, 2006.