§ 58-60-100. Disclosure requirements. - North Carolina Statutes

§ 58‑60‑100. Disclosure requirements.

(a)        An insurer issuinga small face amount policy where, over the term of the policy, the cumulativepolicy premiums paid may exceed the face amount of the policy, shall clearlyand prominently disclose, on or before policy delivery, the length of timeuntil the cumulative policy premiums paid may exceed the face amount of thepolicy.

(b)        If an insurer isrequired to provide a disclosure under subsection (a) of this section, theinsurer shall clearly and prominently disclose, on or before policy delivery,available premium payment plan and product alternatives. If no alternativesexist, the insurer shall clearly and prominently disclose that there are nosuch alternatives.

(c)        Cumulative premiumsshall include premiums paid for riders. However, the face amount shall notinclude the benefits attributable to the riders. (2005‑234, s. 1.10.)