INSURANCE: Requires insurers or business entities promoting term life insurance policies to provide certain notices to applicants
Read by title, under the rules, referred to the Committee on Insurance.
Summary
The bill mandates that insurers and their agents give term life insurance applicants a standalone disclosure sheet before any application is signed. The notice must list the coverage amount, term length, premium schedule, renewal options and other key facts in clear, readable text, and the applicant must initial each line and sign. If the notice is not provided, the buyer can cancel within 30 days and the insurer may face penalties as an unfair trade practice.
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