§ 16-219
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/md/insurance/16-219A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§16–219.
(1)If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder.
(2)The notice shall state:
(i)that the policyholder’s policy allows for a reduction of the face amount of the policy as an option to retain coverage;
(ii)the amount to be paid to prevent the policy from lapse; and
(iii)the insurer’s customer service telephone number.
(b)The notice shall be sent to a policyholder’s last known address:
(1)at the beginning of the grace period under § 16–202 of this subtitle; and
(2)at least 30 days before termination of coverage.