Life and disability insurance.

Plain English Breakdown

The official summary does not provide specific details about which parts of the law are being updated or how they will be clarified. The bill is described as making technical, nonsubstantive changes without altering substantive aspects of insurance practices.

Life and Disability Insurance Changes

The bill makes small updates to existing laws about life and disability insurance without changing how the insurance works.

What This Bill Does

• Updates some parts of the law that deal with life and disability insurance.

Who It Names or Affects

• Insurance companies that offer life or disability insurance
• People who apply for life or disability insurance

Limits and Unknowns

• The bill does not change how life or disability insurance works, only makes it clearer.
• It is unclear exactly which parts of the law are being updated until the changes are finalized.

Official Summary Text

AB 2547, as introduced, Harabedian.
Life and disability insurance.
Existing law generally regulates classes of insurance, including life and disability insurance. Under existing law, an insurer is entitled to rely upon all statements, declarations, and representations made by an applicant for insurance relative to the insurable interest that the applicant has in the insured. Existing law prohibits an insurer from incurring any legal liability except as set forth in the policy, by virtue of any untrue statements, declarations, or representations that are relied upon in good faith by the insurer.
This bill would make technical, nonsubstantive changes to those provisions.

Current Bill Text

Download Bill PDF