Maryland Insurance Section 16-301
§ 16-301.
(a) This subtitle does not apply to:
(1) reinsurance;
(2) group life insurance;
(3) a pure endowment;
(4) an annuity contract or reversionary annuity contract;
(5) a term policy of a uniform amount that:
(i) does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;
(ii) is for 20 years or less and expires before the insured's age 71; and
(iii) requires uniform premiums, payable during the entire term of the policy;
(6) a term policy of a decreasing amount:
(i) that does not provide guaranteed nonforfeiture or endowment benefits; and
(ii) on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:
1. does not provide guaranteed nonforfeiture or endowment benefits;
2. is issued at the same age and for the same initial amount of insurance;
3. is for 20 years or less and expires before the insured's age 71; and
4. requires uniform premiums, payable during the entire term of the policy; or
(7) a policy that:
(i) does not provide guaranteed nonforfeiture or endowment benefits; and
(ii) has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.
(b) For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.
