INSURANCE: Requires insurers or business entities promoting term life insurance policies to provide certain notices to applicants

HB 751 requires Louisiana insurance companies and agents to provide applicants with a clear, standalone disclosure notice before they sign up for term life insurance. The notice must explain key details in plain language, including the policy's coverage amount, term length, total cost (including all payments over the term), and what happens when the term ends (like renewal options or coverage termination). Applicants must sign and initial the notice, which insurers must keep for five years, and failure to provide it allows applicants to cancel within 30 days for a full refund. Violations are considered unfair trade practices, potentially leading to fines or license suspension for insurers or agents.