No insurer nor its agent or representative may misrepresent or fail to disclose the conditional nature of the coverage with respect to any policy subject to termination under the provisions of Section 38-65-320. Every advertisement, announcement, or sales presentation with respect to any franchise or wholesale life insurance plan, some or all of the policies issued under which are subject to termination in accordance with Section 38-65-320 shall clearly and affirmatively disclose the conditional nature of the coverage.
Every policy which is subject to termination under the provisions of Section 38-65-320 shall contain a clear and conspicuous statement to that effect in bold face type upon the face and the filing back, if any, of the policy.
HISTORY: Former 1976 Code Section 38-31-130 [1962 Code Section 37-312.2; 1969 (56) 699] recodified as Section 38-65-340 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 65 - Group Life Insurance
Section 38-65-10. Circulation of false or misleading information by life insurers.
Section 38-65-20. Misrepresentations to induce termination of life insurance policies.
Section 38-65-30. Assignment of rights and benefits under policies.
Section 38-65-40. Requirements of policies.
Section 38-65-50. Restrictions on mass-marketed life insurance.
Section 38-65-70. Coverage of families of employees and members.
Section 38-65-100. Spendthrift provisions in settlement agreements are valid.
Section 38-65-110. Extension of right to apply for individual policy.
Section 38-65-120. Interest on payment; when required.
Section 38-65-210. Provisions required in all policies.
Section 38-65-310. Life, term, and endowment insurance on franchise or wholesale plan.
Section 38-65-320. Termination of or refusal to renew policy issued on franchise or wholesale plan.
Section 38-65-330. Conversion privilege of policy issued on franchise or wholesale plan.