OCR Text |
Show PuWic Warned To Use Care In the Purchasing Of Insurance Policies The general public is warned that care should be used in the pur-chase pur-chase of insurance. Insurance brokers points out that there are cases where agents are misrepresenting misrep-resenting their companies and promising more than the companies com-panies can give under the laws governing the issuance of policies in the State of Utah. For instance, the laws governing govern-ing the issuance of "bonus stock" is in part as follows: "43-3-34 Id. Bonus Stock Forbidden. No life insurance company shall issue in this state agency-company stock or other stock or securities of any special or advisory board, or other contracts of any kind promising prom-ising returns and profits as an inducement to the purchase of insurance". in-surance". ... "43-3-33 Discrimination between risks of same class forbidden No insurance company, or association of any kind, doing business in this state shall make or permit any discrimination between insurance risks of the same class, or hazard haz-ard in the application of like charges and credits, or in the amount or payment of premiums or rates charged for policies of insurance, including annuity contracts, con-tracts, or in the dividends or other benefits payable thereon, or in any of the terms- and conditions condi-tions of the policies." ... "43-3-31 Misrepresenting Terms of Policy No insurance company doing business in this state, or officer or director or agent thereof, there-of, shall issue or circulate, or cause or permit to be issued or circulated, any estimate, illustration, illustra-tion, circular or statement of any kind, misrepresenting the terms of any policy issued by it or the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon, or use any name or title of any policy or class of policies misrepresenting misrep-resenting the true nature thereof" there-of" . . . v'" " It is pointed out that anytime an insurance representative or agent makes claims for his company com-pany far beyond that offered in general by insurance companies, a careful check should be made to see that the agent or representative representa-tive is not promising more than the laws of this state will permit, and more than the cpmpany he is representing will actually live up to. Paid Adv. |