Section 1415.10  Scope

a)         This Part applies to individual life insurance policies, other than variable and non-variable adjustable life policies and current assumption whole life policies, that provide for an endowment benefit, materially less than the policy face amount, at a specified intermediate duration during a longer period of life insurance protection. The payment of an endowment benefit does not alter or eliminate any premiums or benefits scheduled for the period subsequent to the endowment date, nor does the policy automatically terminate upon payment of the endowment benefit.  Policies that offer a return of premium endowment benefit may be considered a special case of the policies subject to this Part.

b)         Other products within the scope of this Part and designed to provide similar benefits and having similar premium structures (for example, products having a cash value at the end of an initial level premium period equal to the total premiums paid) would be expected to provide minimum cash values that are determined in a manner consistent with this Part.  For products with multiple endowment benefits, the minimum cash values should be determined in accordance with the principles of this Part.