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Session Laws, 1955
Volume 620, Page 1030   View pdf image (33K)
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1030                                LAWS OF MARYLAND                          [CH. 630

for the purposes of this provision, be included in the amount which is
considered to cease because of such termination; and

(c) the premium on the individual policy shall be at the insurer's
then customary rate applicable to the form and amount of the in-
dividual policy, to the class of risk to which such person then belongs,
and to his age attained on the effective date of the individual policy.

(9) A provision that if the group policy terminates or is amended
so as to terminate the insurance of any class of insured persons, every
person insured thereunder at the date of such termination whose in-
surance terminates and who has been so insured for at least five years
prior to such termination date shall be entitled to have issued to him
by the insurer an individual policy of life insurance, subject to the
same conditions and limitations as are provided by subsection (8)
of this Section, except that the group policy may provide that the
amount of such individual policy shall not exceed the smaller of (a)
the amount of the person's life insurance protection ceasing because
of the termination or amendment of the group policy, less the amount
of any life insurance for which he is or becomes eligible under any
group policy issued or reinstated by the same or another insurer
within thirty-one days after such termination, and (b) $2,000.

(10) A provision that if a person insured under the group policy
dies during the period within which he would have been entitled to
have an individual policy issued to him in accordance with Subsection
(8) or (9) of this Section and before such an individual policy shall
have become effective, the amount of life insurance which he would
have been entitled to have issued to him under such individual policy
shall be payable as a claim under the group policy whether or not
application for the individual policy or the payment of the first pre-
mium therefor has been made.

(11) In the case of a policy issued to a creditor to insure debtors
of such creditor, a provision that the insurer will furnish to the policy-
holder for delivery to each debtor insured under the policy a form
which shall contain a statement that the life of the debtor is insured
under the policy and that any death benefit paid thereunder by reason
of his death shall be applied to reduce or extinguish the indebtedness,
PROVIDED, THAT IN THE CASE OF A DEBTOR FOR GEN-
ERAL AGRICULTURAL OR HORTICULTURAL PURPOSES OF
THE TYPE DESCRIBED IN PARAGRAPH (D) OF SUB-SEC-
TION (2) OF SECTION 185A, THE SAID FORM SHALL CON-
TAIN AN ADDITIONAL STATEMENT PROVIDING FOR THE
PAYMENT OF DEATH BENEFITS IN EXCESS OF THE IN-
DEBTEDNESS TO THE CREDITOR, IF ANY, IN THE MANNER
DESCRIBED IN PARAGRAPH (E), SUB-SECTION (2) OF SEC-
TION 185A.

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Session Laws, 1955
Volume 620, Page 1030   View pdf image (33K)
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