South Carolina Statutes
§ 38-63-280 — Written disclosures.
At the time an insurer makes a policy or premium loan that provides for periodic adjustment of policy or premium loan interest rates, the insurer shall provide a separate written disclosure form to the policyholder using plain understandable language that:
(a)Provides an explanation of the dollar impact on policy or premium loans when the adjustable interest rate moves up or down.
(b)Provides an explanation of the impact of a policy or premium loan on the benefits payable to the policyholder upon the death of the insured if a policy or premium loan remains unpaid at the time of death of the insured.
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South Carolina § 38-63-280 (Written disclosures.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-63-280 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-270 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-770 [1984 Act No. 432, SECTION 7] recodified as SECTION 38-63-270 by 1987 Act No. 155, SECTION 1. ARTICLE 5 Standard Nonforfeiture Law for Life Insurance
Nearby Sections
15
§ 38-63-110
Individual life insurance.§ 38-63-220
Required policy provisions.§ 38-63-225
Suicide and death exclusions.§ 38-63-230
Methods of rescission by insurer.§ 38-63-240
Interest rate on insurance policy loans.§ 38-63-250
Alternative adjustable interest rate.§ 38-63-280
Written disclosures.