UTAH CODE (Last Updated: January 16, 2015) |
Title 31A. Insurance Code |
Chapter 22. Contracts in Specific Lines |
Part 6. Accident and Health Insurance |
§ 31A-22-631. Policy summary or illustration.
Latest version.
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(1) (a) Except as provided in Subsection (1)(b), at the time a life insurance policy is delivered, a policy summary or illustration shall be delivered for the life insurance policy if: (i) the life insurance policy includes riders or supplemental benefits, including accelerated benefits; and (ii) receipt of benefits under the life insurance policy is contingent upon morbidity requirements. (2) In addition to complying with all applicable requirements, the policy summary or illustration shall include: (a) a clear and prominent disclosure of how the rider or supplemental benefit interacts with other components of the policy, including deductions from death benefits and policy values; (b) an illustration for each covered person of: (i) the amount of benefits; (ii) the length of benefits; and (iii) the guaranteed lifetime benefits, if any; (c) a disclosure of the maximum premiums for the rider or supplemental benefit; (d) any exclusions, reductions, or limitations on the benefits of the rider or supplemental benefit; and (e) if applicable to the policy type: (i) a disclosure of the effects of exercising other rights under the policy; and (ii) guaranteed maximum lifetime benefits.
Enacted by Chapter 116, 2001 General Session