What is the purpose of the "Disclosure Statement" required by Connecticut law?

The purpose of the "Disclosure Statement" required by Connecticut law is to provide consumers with essential information regarding policy terms, coverage, and limitations before a policy is purchased. This requirement ensures that consumers have access to clear and necessary details about what a policy entails, including its benefits, exclusions, and conditions. By being informed, consumers can make educated decisions that align with their needs and financial situations.

This transparency is crucial in the insurance industry, as it helps to prevent misunderstandings and disputes that might arise after a policy has been purchased. The intention behind the Disclosure Statement is to empower consumers with the knowledge they need to choose the right insurance coverage while understanding the scope of what they are buying, thus fostering a trustworthy insurance market.