No life insurance company shall make any insurance, guaranty, contract, or pledge in this state, or to or with any citizen or resident thereof, which does not distinctly specify the amount and manner of payment of benefits and the consideration therefor, except that contracts on a variable basis need not specify the amount of benefits thereunder or consideration after the initial premium.
Minn. Stat. § 61A.22
CONTRACTS TO SPECIFY BENEFITS AND CONSIDERATION.
1967 c 395 art 2 s 22; 1973 c 480 s 6
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.