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Current as of May 05, 2022 | Updated by FindLaw Staff
(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.
(b) In the case of a direct response solicitation, the insurer shall deliver the policy summary or illustration at the sooner of:
(i) the applicant's request; or
(ii) at the time of policy delivery regardless of whether the applicant requests a policy summary or illustration.
(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.
Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-22-631. Policy summary or illustration - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-22-631/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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