Or. Admin. Code § 836-051-0320
Current through Register Vol. 63, No. 12, December 1, 2024
Section 836-051-0320 - Payment Options; Filing of Claims; Remaining Benefits(1) An insurer shall include among payment options for the accelerated benefit an option that allows the policy owner or certificate holder to take the benefit as a lump sum. The insurer shall not make the benefit available as an annuity contingent upon the life of the insured.(2) An insurer shall not impose any restriction on the use of the proceeds.(3) If any death benefit remains after payment of an accelerated benefit, any accidental death benefit that is part of the policy shall not be affected by the payment of the accelerated benefit. Any other benefits in force at the time of acceleration shall not be affected by the payment of the accelerated benefit if premiums continue to be paid for those benefits.Or. Admin. Code § 836-051-0320
ID 8-1992, f. 5-26-92, cert. ef. 6-1-92; ID 12-1993, f. & cert. ef. 11-19-93; ID 15-1996, f. & cert. ef. 11-12-96Stat. Auth.: ORS 731.244
Stats. Implemented: ORS 743.154