Iowa Admin. Code r. 191-15.54 - Disclosure requirements
(1) An insurer
issuing a small face amount policy shall provide the disclosure included in
Appendix IV if at any point in time over the term of the policy the cumulative
premiums paid may exceed the face amount of the policy at that point in time.
The required disclosure shall be provided to the policy owner or certificate
holder no later than at the time the policy or certificate is delivered. The
disclosure shall not be attached to the policy, but may be delivered with the
policy.
(2) If, for a particular
policy form, the cumulative premiums may exceed the face amount for some
demographic or benefit combination but not for all combinations, the insurer
may choose to either:
a. Provide the
disclosure only in those circumstances when the premiums may exceed the face
amount; or
b. Provide the
disclosure for all demographic and benefit combinations.
(3) Cumulative premiums shall include
premiums paid for riders. However, the face amount shall not include the
benefit attributable to the riders.
Notes
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(1) An insurer issuing a small face amount policy shall provide the disclosure included in Appendix IV if at any point in time over the term of the policy the cumulative premiums paid may exceed the face amoimt of the policy at that point in time. The required disclosure shall be provided to the policy owner or certificate holder no later than at the time the policy or certificate is delivered. The disclosure shall not be attached to the policy, but may be delivered with the policy.
(2) If, for a particular policy form, the cumulative premiums may exceed the face amount for some demographic or benefit combination but not for all combinations, the insurer may choose to either:
a. Provide the disclosure only in those circumstances when the premiums may exceed the face amount; or
b. Provide the disclosure for all demographic and benefit combinations.
(3) Cumulative premiums shall include premiums paid for riders. However, the face amount shall not include the benefit attributable to the riders.