The insurer shall provide the beneficiary of life insurance proceeds, at the time a claim is made, written information describing the settlement options available under the policy and any other option available to the beneficiary for the receipt of proceeds, including retained asset accounts, and how to obtain specific details relevant to those options. If a retained asset account is one of the available options, the written information shall include all of the disclosures required by Section 10509.937.
(Added by Stats. 2011, Ch. 130, Sec. 1. (SB 713) Effective January 1, 2012.)
Last modified: October 25, 2018