Life insurance illustration, label, contents, use in salespresentation, interest rates.
375.1509. 1. An illustration used in the sale of a life insurancepolicy shall satisfy the applicable requirements of sections 375.1500 to375.1527, be clearly labeled "life insurance illustration" and contain thefollowing basic information:
(1) Name of insurer;
(2) Name and business address of producer or insurer's authorizedrepresentative, if any;
(3) Name, age and sex of proposed insured, except where a compositeillustration is permitted pursuant to sections 375.1500 to 375.1527;
(4) Underwriting or rating classification upon which the illustrationis based;
(5) Generic name of policy, the company product name, if different,and form number;
(6) Initial death benefit; and
(7) Dividend option election or application of nonguaranteedelements, if applicable.
2. When using an illustration in the sale of a life insurance policy,an insurer or its producers or other authorized representatives shall not:
(1) Represent the policy as anything other than a life insurancepolicy;
(2) Use or describe nonguaranteed elements in a manner that ismisleading or has the capacity or tendency to mislead;
(3) State or imply that the payment or amount of nonguaranteedelements is guaranteed;
(4) Use an illustration that does not comply with the requirements ofsections 375.1500 to 375.1527;
(5) Use an illustration that at any policy duration depicts policyperformance more favorable to the policy owner than that produced by theillustrated scale of the insurer whose policy is being illustrated;
(6) Provide an applicant with an incomplete illustration;
(7) Represent in any way that premium payments will not be requiredfor each year of the policy in order to maintain the illustrated deathbenefits, unless that is the fact;
(8) Use the term "vanish" or "vanishing premium", or a similar termthat implies the policy becomes paid up, to describe a plan for usingnonguaranteed elements to pay a portion of future premiums;
(9) Except for policies that can never develop nonforfeiture values,use an illustration that is "lapse-supported"; or
(10) Use an illustration that is not "self-supporting".
3. If an interest rate used to determine the illustratednonguaranteed elements is shown, it shall not be greater than the earnedinterest rate underlying the disciplined current scale.
Life insurance illustration, label, contents, use in salespresentation, interest rates.
375.1509. 1. An illustration used in the sale of a life insurancepolicy shall satisfy the applicable requirements of sections 375.1500 to375.1527, be clearly labeled "life insurance illustration" and contain thefollowing basic information:
(1) Name of insurer;
(2) Name and business address of producer or insurer's authorizedrepresentative, if any;
(3) Name, age and sex of proposed insured, except where a compositeillustration is permitted pursuant to sections 375.1500 to 375.1527;
(4) Underwriting or rating classification upon which the illustrationis based;
(5) Generic name of policy, the company product name, if different,and form number;
(6) Initial death benefit; and
(7) Dividend option election or application of nonguaranteedelements, if applicable.
2. When using an illustration in the sale of a life insurance policy,an insurer or its producers or other authorized representatives shall not:
(1) Represent the policy as anything other than a life insurancepolicy;
(2) Use or describe nonguaranteed elements in a manner that ismisleading or has the capacity or tendency to mislead;
(3) State or imply that the payment or amount of nonguaranteedelements is guaranteed;
(4) Use an illustration that does not comply with the requirements ofsections 375.1500 to 375.1527;
(5) Use an illustration that at any policy duration depicts policyperformance more favorable to the policy owner than that produced by theillustrated scale of the insurer whose policy is being illustrated;
(6) Provide an applicant with an incomplete illustration;
(7) Represent in any way that premium payments will not be requiredfor each year of the policy in order to maintain the illustrated deathbenefits, unless that is the fact;
(8) Use the term "vanish" or "vanishing premium", or a similar termthat implies the policy becomes paid up, to describe a plan for usingnonguaranteed elements to pay a portion of future premiums;
(9) Except for policies that can never develop nonforfeiture values,use an illustration that is "lapse-supported"; or
(10) Use an illustration that is not "self-supporting".
3. If an interest rate used to determine the illustratednonguaranteed elements is shown, it shall not be greater than the earnedinterest rate underlying the disciplined current scale.
Life insurance illustration, label, contents, use in salespresentation, interest rates.
375.1509. 1. An illustration used in the sale of a life insurancepolicy shall satisfy the applicable requirements of sections 375.1500 to375.1527, be clearly labeled "life insurance illustration" and contain thefollowing basic information:
(1) Name of insurer;
(2) Name and business address of producer or insurer's authorizedrepresentative, if any;
(3) Name, age and sex of proposed insured, except where a compositeillustration is permitted pursuant to sections 375.1500 to 375.1527;
(4) Underwriting or rating classification upon which the illustrationis based;
(5) Generic name of policy, the company product name, if different,and form number;
(6) Initial death benefit; and
(7) Dividend option election or application of nonguaranteedelements, if applicable.
2. When using an illustration in the sale of a life insurance policy,an insurer or its producers or other authorized representatives shall not:
(1) Represent the policy as anything other than a life insurancepolicy;
(2) Use or describe nonguaranteed elements in a manner that ismisleading or has the capacity or tendency to mislead;
(3) State or imply that the payment or amount of nonguaranteedelements is guaranteed;
(4) Use an illustration that does not comply with the requirements ofsections 375.1500 to 375.1527;
(5) Use an illustration that at any policy duration depicts policyperformance more favorable to the policy owner than that produced by theillustrated scale of the insurer whose policy is being illustrated;
(6) Provide an applicant with an incomplete illustration;
(7) Represent in any way that premium payments will not be requiredfor each year of the policy in order to maintain the illustrated deathbenefits, unless that is the fact;
(8) Use the term "vanish" or "vanishing premium", or a similar termthat implies the policy becomes paid up, to describe a plan for usingnonguaranteed elements to pay a portion of future premiums;
(9) Except for policies that can never develop nonforfeiture values,use an illustration that is "lapse-supported"; or
(10) Use an illustration that is not "self-supporting".
3. If an interest rate used to determine the illustratednonguaranteed elements is shown, it shall not be greater than the earnedinterest rate underlying the disciplined current scale.
