Ch. 36

1995 LAWS OF MARYLAND

(1)      "INSURANCE BUSINESS" INCLUDES TRANSACTION OF:

(I)      ALL MATTERS PERTAINING TO AN INSURANCE CONTRACT,
EITHER BEFORE OR AFTER IT TAKES EFFECT; AND

(II)    ALL MATTERS ARISING FROM AN INSURANCE CONTRACT OR A
CLAIM UNDER IT.

(2)     "INSURANCE BUSINESS" DOES NOT INCLUDE POOLING BY PUBLIC
ENTITIES FOR SELF-INSURANCE OF CASUALTY, PROPERTY, OR HEALTH RISKS.

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 48A, § 8.

Defined term: "Insurance contract" § 1-101

(U) INDUSTRIAL LIFE INSURANCE.

"INDUSTRIAL LIFE INSURANCE" MEANS LIFE INSURANCE PROVIDED BY AN
INDIVIDUAL POLICY WITH THE TERM "INDUSTRIAL" PRINTED ON THE POLICY AS
PART OF THE BRIEF DESCRIPTION REQUIRED BY § 15-213 [48A, § 399] OF THIS
ARTICLE, AND UNDER WHICH PREMIUMS ARE PAYABLE MONTHLY OR MORE
FREQUENTLY, IF THE FACE AMOUNT OF THE INSURANCE PROVIDED BY THE POLICY
DOES NOT EXCEED $1,000.

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 48A, § 387.

The reference to the term '"industrial"' printed on the policy is substituted for
the former reference to '"industrial policy'" to conform to § 15-213 of this
article, which requires the brief description, for industrial life insurance
policies to include the term '"industrial"' rather than '"industrial policy"'.

The former reference to premiums being payable "weekly" is deleted as
included in the reference to premiums being payable "monthly or more
frequently".

Defined terms: "Insurance" § 1-101
"Life insurance" § 1-101
"Policy" § 1-101
"Premium" § 1-101

(V) INSURANCE CONTRACT.

(1)      "INSURANCE CONTRACT" MEANS A CONTRACT TO PROVIDE
INSURANCE.

(2)      "INSURANCE CONTRACT" INCLUDES A POLICY.

REVISOR'S NOTE: This subsection is new language added to provide an express
definition of "insurance contract". It is based on former Art. 48A. § 2, as that
section related to a contract of insurance.

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