(a) An insurer may not knowingly deliver or issue for delivery in the State a policy of life insurance that purports to be issued or to take effect as of a date more than 6 months before the application for the policy was made, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
(b) An insurance producer or other representative of an insurer may not in the State prepare, submit, or accept an application for life insurance that bears a date earlier than the date when the application was made by the insured or applicant, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
(c) This section does not:
(1) invalidate a contract made in violation of this section; or
(2) prohibit the exchange, alteration, or conversion of a policy of life insurance.
Structure Maryland Statutes
Title 16 - Life Insurance and Annuities
Subtitle 1 - General Provisions
Section 16-101 - Scope of Title
Section 16-102 - Wholesale Life Insurance Authorized
Section 16-103 - Assessable Life Insurance or Annuities Prohibited
Section 16-104 - Back-Dating Policies and Applications Prohibited
Section 16-105 - Right to Surrender Policy or Contract for Cancellation
Section 16-106 - Exchange, Alteration, or Conversion of Policies and Contracts
Section 16-107 - Contestability and Liability of Reinstated Policies and Contracts
Section 16-108 - Holding Proceeds
Section 16-109 - Interest on Benefits Payable
Section 16-110 - Payment of Proceeds Without Letters of Administration
Section 16-111 - Proceeds Exempt From Creditors
Section 16-112 - Prohibited Agreements or Plans
Section 16-113 - Funding Agreements
Section 16-114 - Charitable Gift Annuities
Section 16-115 - Business of Burial Insurance
Section 16-116 - Public Entity
Section 16-117 - Retained Asset Accounts
Section 16-118 - Failure to Search Death Master File
Section 16-119 - Life Insurance on the Life of a Minor
Section 16-120 - Maintenance of Records of Insurance Transactions