California Insurance Code ARTICLE 11 - Life Insurance Proceeds Disclosure Act of 20

Section 10509.930.
This act shall be known and may be cited as the Life Insurance Proceeds Disclosure Act of 2011.(Added by Stats. 2011, Ch. 130, Sec. 1....
Section 10509.931.
The Legislature finds and declares all of the following:(a) The occasion of the death of a spouse, parent, child, partner, or other loved one is a...
Section 10509.932.
The purpose of this act is to establish disclosure standards regarding the payment of life insurance benefits to a beneficiary by means of a retained...
Section 10509.933.
For the purposes of this article, the following terms have the following definitions:(a) “Insurer” means an insurance company that delivers or issues for delivery in this...
Section 10509.934.
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...
Section 10509.935.
If the insurer settles life insurance benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses...
Section 10509.936.
If the life insurance benefits are placed in a retained asset account, the insurer shall send the beneficiary at least one statement per quarter, and...
Section 10509.937.
The insurer shall provide the following written disclosures to the beneficiary before the retained asset account is established, unless the insurer has already provided these...
Section 10509.938.
An insurer that fails to conform to the requirements provided under this article shall be subject to Article 6.5 (commencing with Section 790) of Chapter...

Last modified: October 22, 2018