Statute · California Insurance Code
Cal. Ins. Code § 10509.950 — Life Insurance Policy Illustrations
Cal. Ins. Code § 10509.950
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 1997-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
In order to protect consumers and foster consumer education, this chapter shall govern the regulation of life insurance policy illustrations. It is the intent of the Legislature in enacting this chapter to ensure that illustrations do not mislead purchasers of life insurance and to make…
Citator
Cal. Ins. Code § 10509.950 — Life Insurance Policy Illustrations is in force in the current edition of the Code, and nothing recorded condemns it.
In order to protect consumers and foster consumer education, this chapter shall govern the regulation of life insurance policy illustrations. It is the intent of the Legislature in enacting this chapter to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable by providing illustration formats, prescribing standards to be followed when illustrations are used, and specifying the disclosures that are required in connection with illustrations. Insurers should, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that is understandable by a typical person within the segment of the public to which the illustration is directed.