Oregon Revised Statutes Insurance § 743.204

(a) January 1, 1948; or

(b) The date specified in a written notice that the insurer files with the Director of the Department of Consumer and Business Services, in which the insurer elects to comply with the Standard Nonforfeiture Law for Life Insurance as to the policy and as of the specified date.

(a) Any reinsurance, group insurance, pure endowment, annuity or reversionary annuity policy.

(b) Any term policy or renewal of a term policy, of uniform amount, that does not provide guaranteed nonforfeiture or endowment benefits, of 20 years or less expiring before age 71 and for which uniform premiums are payable during the entire term of the policy. For this purpose, the age at death for a joint term life insurance policy is the age at death of the oldest life.

(c) Any term policy of decreasing amount that does not provide guaranteed nonforfeiture or endowment benefits, if each adjusted premium, calculated as specified in ORS 743.215 and 743.216, is less than the adjusted premium so calculated on a term policy or renewal of a term policy of uniform amount that does not provide guaranteed nonforfeiture benefits or endowment benefits, that is issued at the same age, for the same initial amount of insurance and for a term of 20 years or less that expires before age 71 and for which uniform premiums are payable during the entire term of the policy. For this purpose, the age at death for a joint term life insurance policy is the age at death of the oldest life.

(d) Any policy that does not provide guaranteed nonforfeiture or endowment benefits, and for which policy the cash surrender value or present value of paid-up nonforfeiture benefit calculated for the beginning of any policy year as specified in ORS 743.210, 743.213, 743.215 and 743.216 does not exceed two and one-half percent of the amount of insurance at the beginning of the policy year.