New York S03241 mandates readable summaries for insurance policies, detailing limits, term, premium, deductibles, and exclusions.

New York S03241 amends the insurance law to require that every insurance policy include a summary detailing the limits of insurance, the term of the policy, the amount of premium, the amount of any deductibles, and principal exclusions from coverage. This summary must be printed in red font and in a typeface of no less than sixteen point type. The summary must also include a statement clarifying that it is only a summary and that all terms and conditions of the policy will govern the scope and amount of coverage.

New York S03241 mandates readable summaries for insurance policies, detailing limits, term, premium, deductibles, and exclusions.

New York S03241 amends the insurance law to require that every insurance policy include a summary detailing the limits of insurance, the term of the policy, the amount of premium, the amount of any deductibles, and principal exclusions from coverage. This summary must be printed in red font and in a typeface of no less than sixteen point type. The summary must also include a statement clarifying that it is only a summary and that all terms and conditions of the policy will govern the scope and amount of coverage.