Minn. Stat. § 72A.207
This is the official text of Minn. Stat. § 72A.207, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 72A.207 GRADED DEATH BENEFITS.
Official statutory text
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.
A policy providing preneed insurance as defined in section 61A.258 , or designed to cover, in whole or in part, the goods and services described in section 61A.258 , subdivision 1, clause (3), is not subject to this section.
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.
A policy providing preneed insurance as defined in section 61A.258 , or designed to cover, in whole or in part, the goods and services described in section 61A.258 , subdivision 1, clause (3), is not subject to this section.
Status: in_force · Read it on the official government site
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