Statute · California Insurance Code
Cal. Ins. Code § 10509.973 — Life Insurance Cost Indexes
Cal. Ins. Code § 10509.973
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 1997-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Any comparison must be used with caution and should not be emphasized to the point that actual premiums and policy benefits are overshadowed. Only similar plans of insurance should be compared. Any dividend or nonguaranteed element used in calculating the Life Insurance Surrender Cost Index or…
Citator
Cal. Ins. Code § 10509.973 — Life Insurance Cost Indexes is in force in the current edition of the Code, and nothing recorded condemns it.
Any comparison must be used with caution and should not be emphasized to the point that actual premiums and policy benefits are overshadowed. Only similar plans of insurance should be compared. Any dividend or nonguaranteed element used in calculating the Life Insurance Surrender Cost Index or the Life Insurance Net Payment Cost Index shall be based on nonguaranteed elements calculated according to the standards required in Chapter 5.5 (commencing with Section 10509.950). With respect to participating policies, care must be taken to describe the policy dividend as a refund or return of part of the premium paid, which is not guaranteed and which is dependent on the investment earnings, mortality experience, and expense experience of the insurer.