Bill Text: CA SB281 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Life insurance: accelerated death benefits.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-09-24 - Chaptered by Secretary of State. Chapter 345, Statutes of 2013. [SB281 Detail]

Download: California-2013-SB281-Introduced.html

---

BILL NUMBER: SB 281	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Calderon

                        FEBRUARY 14, 2013

   An act to add Section 10271.2 to the Insurance Code, relating to
life insurance.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 281, as introduced, Calderon. Life insurance.
   Existing law governs the business of insurance and defines various
types of insurance for these purposes, including life insurance and
disability insurance.
   This bill would define an "accelerated death benefit" for purposes
of certain provisions governing life and disability insurance to
mean a benefit that is added to a life insurance policy to provide
for the advance payment of any part of the death proceeds payable
upon the occurrence of a qualifying event.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 10271.2 is added to the Insurance Code, to
read:
   10271.2.  "Accelerated death benefit," as used in this chapter,
means a benefit that is added to a life insurance policy to provide
for the advance payment of any part of the death proceeds payable
upon the occurrence of a qualifying event.