33-20-604. Contract to contain statement of essential features.
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/mt/title-33/chapter-20/part-6/33-20-604·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-20-604 . Contract to contain statement of essential features. A contract providing benefits payable in variable amounts delivered or issued for delivery in this state must contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of the variable benefits. A contract under which the benefits vary to reflect investment experience, including a group contract and a certificate evidencing the variable benefits issued thereunder, must state that the dollar amount will vary and must contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.