31 Pa. Code § 90f.15 - Disclosure and benefit payment notice

(a) The insurer certifies that no later than the time the application for the benefit is signed, the agent, broker or insurer will provide the applicant with a written disclosure of the benefit providing:

(1) An explanation of how payment of the benefit affects the death benefit and any policy accumulation values, cash values, loan balance and premium.

(2) An explanation of how the termination or maturity of the policy affects the benefit.

(3) A description of the amount of the benefit.

(4) A disclosure of exclusions, reductions or limitations.

(b) Disclosures required by subsection (a)(1) and (2) appear in a prominent position in prominent type. Prominent type means, for example, all capital letters, contrasting color, underlined or otherwise differentiated from the other type in the policy.

(c) The insurer certifies that the disclosure will be provided either as a separate form or in the disclosure statement required by Chapter 83 Subchapter A (relating to required disclosures in the solicitation of life insurance).

(d) The insurer certifies that no later than the time the benefit payment or first payment, if paid in installments, is made, the insurer will provide the owner with a written benefit payment notice providing:

(1) The dollar amount of the lump sum or periodic payment benefit.

(2) The dollar amounts of the remaining death benefit and any accumulation values, cash values and loan balance.

(e) The insurer certifies that the benefit payment notice will be provided as a separate form.

(f) The form provides a disclosure that the benefit payment notice will be provided.

(g) The insurer certifies that all information included in the disclosure and benefit payment notice is based on contract guarantees. No projected or nonguaranteed values or benefits will be shown.

Notes

31 Pa. Code § 90f.15