US Laws, Codes, Statutes & Cases

     72A.207 Graded death benefits. 

    For the purpose of this section, a graded death benefit is 
 a provision within a life insurance policy in which the death 
 benefit, in the early years of the policy, is less than the face 
 amount of the policy, but which increases with the passage of 
 time. 

    No policy of life insurance paying a graded death benefit 
 may be issued in this state unless the graded death benefit is 
 equal to at least four times the first year premium.  This 
 section does not prohibit the return of premiums or premiums 
 plus interest in connection with the voluntary or judicially 
 ordered rescission of the policy, or according to the terms of 
 the exclusions from coverage for suicide, aviation, or war risk. 

    HIST: 1996 c 446 art 1 s 66 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.