1 bill · 2024 Regular Session
Amends existing law to provide an option for certain lapse and termination notices to be sent by certified mail.
This legislation proposes an amendment to Chapter 18, Title 41 of the Idaho Code concerning the "Notice of Lapse or Termination of Individual Life Insurance." It aims to grant the policy owner and any designated third partytheoption, atnocost, torequestthatalllapsinglifeinsurancepoliciesreceiveanoticeoflapseviacertified United States mail with return receipt, ten (10) days before the lapse takes effect. The responsibility for the certified mailing costs would fall on the insurance company whenever a policy lapses due to non-payment, termination, or the end of the term policy.