South Carolina Code of Laws
Chapter 63 - Individual Life Insurance
Section 38-63-280. Written disclosures.

At the time an insurer makes a policy or premium loan that provides for periodic adjustment of policy or premium loan interest rates, the insurer shall provide a separate written disclosure form to the policyholder using plain understandable language that:
(a) Provides an explanation of the dollar impact on policy or premium loans when the adjustable interest rate moves up or down.
(b) Provides an explanation of the impact of a policy or premium loan on the benefits payable to the policyholder upon the death of the insured if a policy or premium loan remains unpaid at the time of death of the insured.
HISTORY: Former 1976 Code Section 38-63-280 [1985 Act No. 189, Section 1] recodified as Section 38-53-270 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-770 [1984 Act No. 432, Section 7] recodified as Section 38-63-270 by 1987 Act No. 155, Section 1.

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Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 38 - Insurance

Chapter 63 - Individual Life Insurance

Section 38-63-10. Circulation of false or misleading information by life insurers.

Section 38-63-20. Misrepresentations to induce termination or conversion of life insurance policies.

Section 38-63-30. Lower life insurance rates for females lawful.

Section 38-63-40. Life insurance proceeds for insured's spouse, children, or dependents exempt from claims of insured's creditors; exceptions; certain other proceeds exempt from claims of beneficiary's or insured's creditors.

Section 38-63-50. Spendthrift provisions in settlement agreements are valid.

Section 38-63-60. Industrial life insurance.

Section 38-63-80. Interest on lump sum payment of life insurance proceeds.

Section 38-63-90. Attorneys' fees authorized.

Section 38-63-100. Charity or nonprofit corporation as life insurance beneficiary; construction of section.

Section 38-63-210. Whole contract, including application, must appear in policy; oral applications.

Section 38-63-220. Required policy provisions.

Section 38-63-225. Suicide and death exclusions.

Section 38-63-230. Methods of rescission by insurer.

Section 38-63-240. Interest rate on insurance policy loans.

Section 38-63-250. Alternative adjustable interest rate.

Section 38-63-260. Policies with face value less than five thousand dollars.

Section 38-63-270. Applicability to policies issued before effective date.

Section 38-63-280. Written disclosures.

Section 38-63-510. Short title; operative date of valuation manual defined.

Section 38-63-520. Paid-up nonforfeiture benefit and cash surrender value provisions are required in life insurance policies.

Section 38-63-530. Minimum cash surrender values.

Section 38-63-540. Minimum paid-up nonforfeiture benefits.

Section 38-63-550. Calculation of cash surrender values and paid-up nonforfeiture benefits when default occurs not on anniversary date of policy.

Section 38-63-560. Additional benefits and premiums must be disregarded.

Section 38-63-570. Calculation of adjusted premiums and present values.

Section 38-63-580. Basis for calculation of adjusted premiums and present values of industrial policies.

Section 38-63-590. Basis for calculation of adjusted premiums and present values of ordinary policies.

Section 38-63-600. Basis for calculating adjusted premiums and present values of policies issued on or after date of election of compliance by insurer or January 1, 1989, if later.

Section 38-63-610. Premiums, values, and benefits of life insurance plans providing for future premium determination.

Section 38-63-620. Calculation of cash surrender values, paid-up nonforfeiture benefits, adjusted premiums, and present values; net value of paid-up additions.

Section 38-63-630. Cash surrender value of policies issued on or after January 1, 1986.

Section 38-63-640. Excepted policies.

Section 38-63-650. Operative date of article.

Section 38-63-660. Promulgation of regulations.