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 the rights of the beneficiary and the obligations of the insurer under the supplemental contract.
Cal. Ins. Code § 10509.935
Life Insurance Proceeds Disclosure Act of 2011
Known as the Life Insurance Proceeds Disclosure Act
The act spans §§ 10509–10509 (9 sections).
Added by Stats. 2011, Ch. 130, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.