Missouri Laws 375.1515 – Supplemental illustrations permitted, when — notice required
1. A supplemental illustration may be provided so long as:
(1) It is appended to, accompanied by or preceded by a basic illustration that complies with sections 375.1500 to 375.1527;
Terms Used In Missouri Laws 375.1515
- Contract: A legal written agreement that becomes binding when signed.
- Policy: a contract of insurance providing fire and extended coverage insurance, whether separately or in combination with other coverages, on owner-occupied habitational property not exceeding two families. See Missouri Laws 375.001
(2) The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration;
(3) It contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed; and
(4) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.
2. The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.