41-1937. VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES. (1) Any variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
(2) Variable annuity contracts delivered or issued for delivery in this state may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at time of death. Any such provision shall not be deemed to be life insurance and shall not be subject to the provisions of this code governing life insurance contracts. A provision for any other benefit on death during the deferred period shall be subject to such life insurance provisions.
History:
[I.C., sec. 41-1937, as added by 1969, ch. 214, sec. 52, p. 625; am. 1971, ch. 272, sec. 3, p. 1078.]
Structure Idaho Code
Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS
Section 41-1901 - SCOPE OF CHAPTER.
Section 41-1902 - “INDUSTRIAL LIFE INSURANCE” DEFINED.
Section 41-1903 - STANDARD PROVISIONS REQUIRED.
Section 41-1904 - GRACE PERIOD.
Section 41-1905 - INCONTESTABILITY.
Section 41-1906 - ENTIRE CONTRACT.
Section 41-1907 - MISSTATEMENT OF AGE.
Section 41-1909 - POLICY LOAN.
Section 41-1910 - TABLE OF INSTALMENTS.
Section 41-1911 - REINSTATEMENT.
Section 41-1912 - PAYMENT OF PREMIUMS.
Section 41-1913 - PAYMENT OF CLAIMS.
Section 41-1914 - BENEFICIARY — INDUSTRIAL POLICIES.
Section 41-1916 - EXCLUDED OR RESTRICTED COVERAGE.
Section 41-1917 - STANDARD PROVISIONS — ANNUITY AND PURE ENDOWMENT CONTRACTS.
Section 41-1918 - GRACE PERIOD — ANNUITIES.
Section 41-1919 - INCONTESTABILITY — ANNUITIES.
Section 41-1920 - ENTIRE CONTRACT — ANNUITIES.
Section 41-1921 - MISSTATEMENT OF AGE OR SEX — ANNUITIES.
Section 41-1922 - DIVIDENDS — ANNUITIES.
Section 41-1923 - REINSTATEMENT — ANNUITIES.
Section 41-1924 - STANDARD PROVISIONS — REVERSIONARY ANNUITIES.
Section 41-1925 - LIMITATION OF LIABILITY.
Section 41-1926 - PROHIBITED PROVISIONS — INDUSTRIAL LIFE INSURANCE.
Section 41-1927 - STANDARD NONFORFEITURE LAW — LIFE INSURANCE.
Section 41-1927A - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.
Section 41-1928 - NONFORFEITURE BENEFITS — CERTAIN INTERIM POLICIES.
Section 41-1929 - INCONTESTABILITY AND LIMITATION OF LIABILITY AFTER REINSTATEMENT.
Section 41-1930 - POLICY SETTLEMENTS.
Section 41-1931 - INDEBTEDNESS DEDUCTED FROM PROCEEDS.
Section 41-1932 - PARTICIPATING AND NONPARTICIPATING POLICIES — RIGHT TO ISSUE.
Section 41-1933 - PARTICIPATING AND NONPARTICIPATING POLICIES — ACCOUNTING.
Section 41-1934 - PROHIBITED POLICY PLANS.
Section 41-1935 - LIFE INSURANCE AND ANNUITIES — TWENTY DAY FREE EXAMINATION.
Section 41-1936 - SEPARATE ACCOUNTS — OPERATION AND MANAGEMENT.
Section 41-1937 - VARIABLE CONTRACTS — STATEMENT OF ESSENTIAL FEATURES.
Section 41-1938 - VARIABLE CONTRACTS — AUTHORITY OF INSURER TO ISSUE.
Section 41-1939 - VARIABLE CONTRACTS — REGULATION THEREOF.
Section 41-1940 - ANNUITY CONSUMER PROTECTIONS ACT.
Section 41-1940A - ANNUITY CONSUMER PROTECTIONS — SUITABILITY DUTIES.
Section 41-1940B - ANNUITY CONSUMER PROTECTION — SUPERVISION SYSTEM.
Section 41-1940C - ANNUITY CONSUMER PROTECTION — PRODUCER TRAINING.
Section 41-1940D - ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION.
Section 41-1940E - ANNUITY CONSUMER PROTECTION — RECORDKEEPING.
Section 41-1941 - ANNUITY CONSUMER PROTECTIONS — DISCLOSURES.
Section 41-1942 - ADVERTISEMENT OF INTEREST-INDEXED ANNUITIES.
Section 41-1943 - STANDARDS FOR POLICY PROVISIONS FOR ANNUITIES.
Section 41-1950 - SHORT TITLE AND SCOPE.
Section 41-1951 - DEFINITIONS.
Section 41-1952 - LICENSE REQUIREMENT.
Section 41-1953 - FILING OF LIFE SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.
Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.
Section 41-1955 - EXAMINATION AND RECORDS.
Section 41-1956 - DISCLOSURE TO OWNER UPON APPLICATION.
Section 41-1957 - DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.
Section 41-1958 - DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.
Section 41-1959 - NOTICE OF CHANGE BY PROVIDER.
Section 41-1960 - GENERAL RULES.
Section 41-1961 - PERMITTED LIFE SETTLEMENTS AND SUPPORTING DOCUMENTATION.
Section 41-1962 - PROHIBITED PRACTICES AND CONFLICTS OF INTEREST.
Section 41-1963 - ADVERTISING FOR LIFE SETTLEMENTS.