02-031 C.M.R. ch. 585, § 2 - Purpose
Current through 2022-14, April 6, 2022
The purpose of this Rule is twofold. First, the Rule's third-party notice provisions allow a policyholder to establish in advance a line of communication that will increase the likelihood that adequate notice is given if an insurer intends to terminate coverage for nonpayment of premiums. Second, the Rule establishes conditions and procedures to reduce the danger that persons suffering from cognitive impairment or functional incapacity will lose life insurance coverage because of their condition.
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