New York A06833 mandates written terms and conditions for individual life insurance policy loans, signed by both the insured and the agent, and.
New York A06833 amends the insurance law to require that the terms and conditions of any individual life insurance policy loan be in writing, signed by both the insured and the agent, and include a signed statement that the agent has explained the terms to the policyholder. This law applies to all policies issued, reviewed, or modified after its effective date, which is 60 days after it becomes law.
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