California Insurance Code

§ 10295

INS § 10295 Effective Jan 1, 2022Div. 2 · Part 2 · Ch. 4 · Art. 2.1

Statute text

(a)An accelerated death benefit, as described in this section, shall not be offered, sold, issued, or marketed as health, accident, or long-term care insurance. An accelerated death benefit shall not reimburse or provide specific coverage for any health, accident, or long-term care insurance benefits.

(b)(1) For the purposes of this article, an “accelerated death benefit” means a provision, endorsement, or rider added to a life insurance policy that provides for the advance payment of any part of the death proceeds, payable upon the occurrence of a qualifying event in accordance with Section 10295.1.

(2)For the purposes of this article, “qualifying event” means that subparagraph (A) or (B) applies.

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Legislative history

Amended by Stats. 2021, Ch. 627, Sec. 16. (AB 1511) Effective January 1, 2022.