™Your Policy Risk Impact Agent
166 chapters · 2,034 sections in this title.
R.I. Gen. Laws § 27-4.9-1. Short title
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This chapter shall be known and may be cited as the “Beneficiaries’ Bill of Rights Act of 2011.”
R.I. Gen. Laws § 27-4.9-2. Purpose
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The purpose of this chapter is to require complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance death benefits and require that beneficiaries are fully informed in bold type and in layperson’s language of their optio…
R.I. Gen. Laws § 27-4.9-3. Definitions
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As used in this section: (1) “Policy” means any policy or certificate of life insurance that provides a death benefit. (2) “Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy, including, but not limited to, the pay…
R.I. Gen. Laws § 27-4.9-4. General requirements
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(a) An insurer may not use a retained asset account as the mode of settlement unless the insurer discloses such option to the beneficiary or the beneficiary’s legal representative prior to the transfer of the death benefit to a retained asset account. (b) A beneficiary shall be i…
