This subtitle does not apply to: reinsurance; group life insurance; a pure endowment; an annuity contract or reversionary annuity contract; a term policy of a uniform amount that: does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal; is for 20 years or less and expires before the insured’s age 71; and requires uniform premiums, payable during the entire term of the policy; a term policy of a decreasing amount: that does not provide guaranteed nonforfeiture or endowment benefits; and 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: does not provide guaranteed nonforfeiture or endowment benefits; is issued at the same age and for the same initial amount of insurance; is for 20 years or less and expires before the insured’s age 71; and requires uniform premiums, payable during the entire term of the policy; or a policy that: does not provide guaranteed nonforfeiture or endowment benefits; and 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. 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.