Sec. 31.09.01.02. Plan of Insurance

Wholesale life insurance policies may be issued on the yearly or more frequently renewable term plan or on any other term or on any whole life or endowment plan. If the policy is issued on the yearly or more frequently renewable term plan or any other term plan, it shall contain the right of renewal to at least age 65 nearest birthday (subject, however, to the insurer's right to refuse renewal in accordance with Regulation .05 of this chapter), and shall contain the right to convert to a whole life or endowment plan after termination of the final term period. However, the policy need not provide the privilege of renewal of term insurance on a dependent child beyond age 19 nearest birthday. Whenever the policy is not eligible for renewal as a wholesale life insurance policy, it shall contain such additional conversion rights as are hereinafter set forth if written on a yearly or more frequently renewable term basis or, if written on other than a yearly or more frequently renewable term basis, shall give the insured employee or member the right to continue the insurance under the original policy at the same premium, or at a stated higher premium which may not exceed rates charged by the insurer for ordinary policies issued under the same policy plan of insurance for the same class of risk.