Sec. 31.10.13.05. Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Guaranteed renewable" when used in connection with an individual health insurance policy means that the insured has the right to continue the policy in force by the timely payment of premiums:

(a) Until at least age 50; or

(b) In the case of a policy issued after age 44, for at least 5 years from its date of issue, during which period the insurer has no right to make unilaterally any change in any policy provision except the right to change premiums in accordance with the terms of the policy.

(2) "Withdrawal benefit" means:

(a) Any paid-up nonforfeiture benefit, for example, extended insurance for a limited period of time or insurance continued for the original term of the policy but for a reduced amount of benefit, providing coverage for morbidity risks; or

(b) Any cash surrender nonforfeiture benefit or any endowment or annuity payment which is payable without reference to any morbidity risk.

(3) "Morbidity risk" means any loss resulting from injury, sickness, childbirth, or health care.