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2002 SESSION

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HB 1294 Life insurance; accelerated payment of benefits.

Introduced by: John A. Rollison, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Life insurance; accelerated payment of benefits. Allows insurers who issue life insurance policies to provide for the accelerated payment of benefits to the insured during the life of the insured (i) if the insured is unable to perform two major activities of daily living, or (ii) if the insured requires substantial supervision by another person to protect the health and safety of the insured or any other person. The measure does not apply to credit life insurance policies.

SUMMARY AS PASSED HOUSE:

Life insurance; accelerated payment of benefits. Allows insurers who issue life insurance policies to provide for the accelerated payment of benefits to the insured during the life of the insured (i) if the insured is unable to perform two major activities of daily living, or (ii) if the insured requires substantial supervision by another person to protect the health and safety of the insured or any other person. The measure does not apply to credit life insurance policies.

SUMMARY AS INTRODUCED:

Life insurance; accelerated payment of benefits. Requires life insurance policies issued or renewed on or after July 1, 2002, to provide for the accelerated payment of benefits to the insured during the life of the insured (i) if the insured is unable to perform two major activities of daily living, or (ii) if the insured requires substantial supervision by another person to prevent harm to the insured or any other person.