§ 90g.15. Disclosure and benefit payment notice.
(a) The insurer certifies that no later than the time the application for the benefit is signed, the agent, broker or insurer will provide the applicant with a written disclosure of the benefit providing:
(1) An explanation of how payments of the benefit affect the death benefit and any policy accumulation values, cash values, loan balance and premium.
(2) An explanation of how the termination or maturity of the policy affects the benefit.
(3) A description of the amounts and durations of the benefit and the guaranteed lifetime benefits, if any.
(4) A disclosure of any exclusions, reductions or limitations.
(b) Disclosures required by subsection (a)(1) and (2) appear in a prominent position in prominent type. Prominent type means, for example, all capital letters, contrasting color, underlined or otherwise differentiated from the other type in the form.
(c) The insurer certifies that the disclosure will be provided either as a separate form, included in an outline of coverage, or in the disclosure statement required by Chapter 83 Subchapter A (relating to required disclosures in the solicitation of life insurance).
(d) The insurer certifies that at least annually while benefits are being paid, the insurer will provide the owner with a written benefit payment notice providing:
(1) The dollar amount of benefits paid during the report period.
(2) The dollar amounts of the remaining death benefit and any accumulation values, cash values and loan balance.
(e) The insurer certifies that the benefit payment notice will be provided as a separate form or included in a policy annual report. If included in an annual report, the notice will appear in prominent type. Prominent type means, for example, all capital letters, contrasting color, underlined or otherwise differentiated from the other type in the form.
(f) The form provides a disclosure that the benefit payment notice will be provided annually.
(g) The insurer certifies that information included in the disclosure and benefit payment notice will be based on contract guarantees. No projected or nonguaranteed values or benefits will be shown.
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