58-17A-5. Outline of coverage delivered at time of application for insurance.
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/sd/title-58/chapter-58-17/58-17a-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To provide for full and fair disclosure in the sale of medicare supplement policies, no medicare supplement policy or certificate may be delivered or issued for delivery in this state and no certificate may be delivered pursuant to a group medicare supplement policy delivered or issued for delivery in this state unless an outline of coverage is delivered to the applicant at the time application is made. The director shall prescribe the format and content of the outline of coverage required by this section.
For purposes of this section, "format" means style, arrangements, and overall appearance, including such items as size, color, and prominence of type and the arrangement of text and captions. The outline of coverage shall include:
(1)A description of the principal benefits and coverage provided in the policy;
(2)A statement of the exceptions, reductions and limitations contained in the policy;
(3)A statement of the renewal provisions, including any reservation by the issuer of a right to change premiums and disclosure of the existence of any automatic renewal premium increases based on the policyholder's age; and
(4)A statement that the outline of coverage is a summary of the policy issued or applied for and that the policy should be consulted to determine governing contractual provisions.