Statute · California Insurance Code
Cal. Ins. Code § 10509.932 — Life Insurance Proceeds Disclosure Act of 2011
Cal. Ins. Code § 10509.932
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 2012-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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 asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the…
Citator
Cal. Ins. Code § 10509.932 — Life Insurance Proceeds Disclosure Act of 2011 is in force in the current edition of the Code, and nothing recorded condemns it.
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 asset account if a life insurance company offers consumers a retained asset account or establishes such an account as an alternative to the receipt of insurance proceeds by a single payment made directly to the beneficiary that satisfies all of the benefits owed to the beneficiary.