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New York Codes Rules Regulations (Last Updated: March 27,2024) |
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TITLE 11. Insurance |
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Chapter III. Policy and Certificate Provisions |
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Subchapter A. Life, Accident and Health Insurance |
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Part 42. Term Life Issuance and Renewal Restrictions; Nonforfeiture Values for Certain Life Insurance Policies |
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Subpart 42-2. Term Life Issuance and Renewal Restrictions; Nonforfeiture Values for Certain Life Policies Issued on or after January 1, 2008 |
Sec. 42-2.12. Term policy maximum age
Latest version.
- No policy of term life insurance shall be issued, renewed or continued beyond the last age in the mortality table for which minimum nonforfeiture values for whole life insurance are determined at the time of the term policy's issue. For a joint life first to die policy, this limitation is applied to the oldest age. For a joint life last to die policy this limitation is applied to the youngest age.