044-21 Wyo. Code R. §§ 21-7 - Necessity for Disclosing Policy Provisions Relating to Renewability, Cancellability, and Termination
(a) An advertisement that is an invitation to
contract shall disclose provisions relating to renewability, cancellability,
and termination and any modification of benefits, losses covered, or premiums
because of age or for other reasons, in a manner which shall not minimize or
render obscure the qualifying conditions.
(b) Advertisements of non-renewable accident
and sickness insurance policies shall state renewability of the contract at the
company's option in language substantially similar to the following: "This
policy is renewable at the option of the company," or "The company has the
right to refuse renewal of this policy," or "Renewable at the option of the
insurer."
(c) Advertisements of
insurance policies that are guaranteed renewable, or renewable at the option of
the company, shall disclose that the insurer has the right to increase premium
rates if the policy so states.
(d)
Qualifying conditions constituting limitations on the permanent nature of
coverage shall be disclosed in advertisements of policies which are guaranteed
renewable, or renewable at the option of the company. Examples of qualifying
conditions include (1) age limits, (2) reservation of a right to increase
premiums, and (3) establishment of lifetime maximum limits.
(i) Provisions for reducing benefits at
stated ages shall be set forth. For example, a policy may contain a provision
reducing benefits fifty percent (50%) after age sixty (60) although it is
renewable to age sixty-five (65). Provisions for eliminating certain hazards at
any specific age or after the policy has been in force for a specified period
of time shall also be set forth.
(ii) An advertisement for a policy providing
for step-rated premium rates based upon the policy year or the insured's
attained age shall disclose the rate increases and the times or ages at which
the premiums increase.
Notes
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