(a) This subtitle does not apply to: (1) reinsurance; (2) group life insurance; (3) a pure endowment; (4) an annuity contract or reversionary annuity contract; (5) a term policy of a uniform amount that: (i) does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal; (ii) is for 20 years or less and expires before the insured's age 71; and (iii) requires uniform premiums, payable during the entire term of the policy; (6) a term policy of a decreasing amount: (i) that does not provide guaranteed nonforfeiture or endowment benefits; and (ii) on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount: 1. does not provide guaranteed nonforfeiture or endowment benefits; 2. is issued at the same age and for the same initial amount of insurance; 3. is for 20 years or less and expires before the insured's age 71; and 4. requires uniform premiums, payable during the entire term of the policy; or (7) a policy that: (i) does not provide guaranteed nonforfeiture or endowment benefits; and (ii) has a cash surrender value or present value for any paid- up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year. (b) For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.
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