Section 19-2-1.01.2 - Coupon Policies Or Policies With Pure Endowment BenefitsNo policy containing more than one pure endowment benefit (whether or not evidenced by coupons, passbooks or other material generally identified with savings, banking or investment institutions) shall be sold or approved for sale in Mississippi after the effective date of these rules, unless it meets the following requirements:
A. Contains, clearly and prominently displayed on the face of the policy contract, a statement that the premium includes an extra charge for the coupon (or pure endowment, whichever is applicable) benefits.B. The amount of each of the pure endowment benefits shall be separately expressed in dollar amounts and not as percentage of any premium or benefit.C. Payment of any pure endowment benefits shall not be made contingent upon payment of premiums falling due after the policy year in which the pure endowment benefit has matured.D. Participating policies shall be permitted to contain coupons or pure endowment benefits only if they conform to the requirements of Paragraphs 2 (a) and (b).E. The terminology and language of a policy which has one or more pure endowment benefits therein, shall not purport to represent the pure endowmentbenefit of the policy to be anything other than a guaranteed insurance benefit for which a premiumis being paid by the policyholder, and such endowment shall not be referred to as a dividend.F. This section shall not apply to any policy in which the amount of any pure endowment or periodic benefit or benefits actually due and payable during any policy year is greater than the total annual premium on the policy for such years.19 Miss. Code. R. 2-1.01.2