Use of basic illustration at time of sale of policy, revisedillustration--illustration provided at time of policy delivery,certification, acknowledgment--illustrations sent by mail,requirements--copies to be retained, when--policy summary notrequired, when.
375.1518. 1. (1) If a basic illustration is used by an insuranceproducer or other authorized representative of the insurer in the sale of alife insurance policy and the policy is applied for as illustrated, a copyof that illustration, signed in accordance with sections 375.1500 to375.1527, shall be submitted to the insurer at the time of policyapplication. A copy also shall be provided to the applicant.
(2) If the policy is issued other than as applied for, a revisedbasic illustration conforming to the policy as issued shall be sent withthe policy. The revised illustration shall conform to the requirements ofsections 375.1500 to 375.1530, shall be labeled "Revised Illustration" andshall be signed and dated by the applicant or policy owner and producer orother authorized representative of the insurer no later than the time thepolicy is delivered. A copy shall be provided to the insurer and thepolicy owner.
2. (1) If no illustration is used by an insurance producer or otherauthorized representative in the sale of a life insurance policy or if thepolicy is applied for other than as illustrated, the producer orrepresentative shall certify to that effect in writing on a form providedby the insurer. On the same form the applicant shall acknowledge that noillustration conforming to the policy applied for was provided and shallfurther acknowledge an understanding that an illustration conforming to thepolicy as issued will be provided no later than at the time of policydelivery. This form shall be submitted to the insurer at the time ofpolicy application.
(2) If the policy is issued, a basic illustration conforming to thepolicy as issued shall be sent with the policy and signed no later than thetime the policy is delivered. A copy shall be provided to the insurer andthe policy owner.
3. If the basic illustration or revised illustration is sent to theapplicant or policy owner by mail from the insurer, it shall includeinstructions for the applicant or policy owner to sign the duplicate copyof the numeric summary page of the illustration for the policy issued andreturn the signed copy to the insurer. The insurer's obligation pursuantto this subsection shall be satisfied if it can demonstrate that it hasmade a diligent effort to secure a signed copy of the numeric summary page.The requirement to make a diligent effort shall be deemed satisfied if theinsurer includes in the mailing a self-addressed postage prepaid envelopewith instructions for the return of the signed numeric summary page.
4. A copy of the basic illustration and a revised basic illustration,if any, signed as applicable, along with any certification that either noillustration was used or that the policy was applied for other than asillustrated, shall be retained by the insurer until three years after thepolicy is no longer in force. A copy need not be retained if no policy isissued.
5. Any policy marketed with an illustration pursuant to sections375.1500 to 375.1530 shall not be required to have the policy summaryrequired by section 376.706, RSMo.
Use of basic illustration at time of sale of policy, revisedillustration--illustration provided at time of policy delivery,certification, acknowledgment--illustrations sent by mail,requirements--copies to be retained, when--policy summary notrequired, when.
375.1518. 1. (1) If a basic illustration is used by an insuranceproducer or other authorized representative of the insurer in the sale of alife insurance policy and the policy is applied for as illustrated, a copyof that illustration, signed in accordance with sections 375.1500 to375.1527, shall be submitted to the insurer at the time of policyapplication. A copy also shall be provided to the applicant.
(2) If the policy is issued other than as applied for, a revisedbasic illustration conforming to the policy as issued shall be sent withthe policy. The revised illustration shall conform to the requirements ofsections 375.1500 to 375.1530, shall be labeled "Revised Illustration" andshall be signed and dated by the applicant or policy owner and producer orother authorized representative of the insurer no later than the time thepolicy is delivered. A copy shall be provided to the insurer and thepolicy owner.
2. (1) If no illustration is used by an insurance producer or otherauthorized representative in the sale of a life insurance policy or if thepolicy is applied for other than as illustrated, the producer orrepresentative shall certify to that effect in writing on a form providedby the insurer. On the same form the applicant shall acknowledge that noillustration conforming to the policy applied for was provided and shallfurther acknowledge an understanding that an illustration conforming to thepolicy as issued will be provided no later than at the time of policydelivery. This form shall be submitted to the insurer at the time ofpolicy application.
(2) If the policy is issued, a basic illustration conforming to thepolicy as issued shall be sent with the policy and signed no later than thetime the policy is delivered. A copy shall be provided to the insurer andthe policy owner.
3. If the basic illustration or revised illustration is sent to theapplicant or policy owner by mail from the insurer, it shall includeinstructions for the applicant or policy owner to sign the duplicate copyof the numeric summary page of the illustration for the policy issued andreturn the signed copy to the insurer. The insurer's obligation pursuantto this subsection shall be satisfied if it can demonstrate that it hasmade a diligent effort to secure a signed copy of the numeric summary page.The requirement to make a diligent effort shall be deemed satisfied if theinsurer includes in the mailing a self-addressed postage prepaid envelopewith instructions for the return of the signed numeric summary page.
4. A copy of the basic illustration and a revised basic illustration,if any, signed as applicable, along with any certification that either noillustration was used or that the policy was applied for other than asillustrated, shall be retained by the insurer until three years after thepolicy is no longer in force. A copy need not be retained if no policy isissued.
5. Any policy marketed with an illustration pursuant to sections375.1500 to 375.1530 shall not be required to have the policy summaryrequired by section 376.706, RSMo.
Use of basic illustration at time of sale of policy, revisedillustration--illustration provided at time of policy delivery,certification, acknowledgment--illustrations sent by mail,requirements--copies to be retained, when--policy summary notrequired, when.
375.1518. 1. (1) If a basic illustration is used by an insuranceproducer or other authorized representative of the insurer in the sale of alife insurance policy and the policy is applied for as illustrated, a copyof that illustration, signed in accordance with sections 375.1500 to375.1527, shall be submitted to the insurer at the time of policyapplication. A copy also shall be provided to the applicant.
(2) If the policy is issued other than as applied for, a revisedbasic illustration conforming to the policy as issued shall be sent withthe policy. The revised illustration shall conform to the requirements ofsections 375.1500 to 375.1530, shall be labeled "Revised Illustration" andshall be signed and dated by the applicant or policy owner and producer orother authorized representative of the insurer no later than the time thepolicy is delivered. A copy shall be provided to the insurer and thepolicy owner.
2. (1) If no illustration is used by an insurance producer or otherauthorized representative in the sale of a life insurance policy or if thepolicy is applied for other than as illustrated, the producer orrepresentative shall certify to that effect in writing on a form providedby the insurer. On the same form the applicant shall acknowledge that noillustration conforming to the policy applied for was provided and shallfurther acknowledge an understanding that an illustration conforming to thepolicy as issued will be provided no later than at the time of policydelivery. This form shall be submitted to the insurer at the time ofpolicy application.
(2) If the policy is issued, a basic illustration conforming to thepolicy as issued shall be sent with the policy and signed no later than thetime the policy is delivered. A copy shall be provided to the insurer andthe policy owner.
3. If the basic illustration or revised illustration is sent to theapplicant or policy owner by mail from the insurer, it shall includeinstructions for the applicant or policy owner to sign the duplicate copyof the numeric summary page of the illustration for the policy issued andreturn the signed copy to the insurer. The insurer's obligation pursuantto this subsection shall be satisfied if it can demonstrate that it hasmade a diligent effort to secure a signed copy of the numeric summary page.The requirement to make a diligent effort shall be deemed satisfied if theinsurer includes in the mailing a self-addressed postage prepaid envelopewith instructions for the return of the signed numeric summary page.
4. A copy of the basic illustration and a revised basic illustration,if any, signed as applicable, along with any certification that either noillustration was used or that the policy was applied for other than asillustrated, shall be retained by the insurer until three years after thepolicy is no longer in force. A copy need not be retained if no policy isissued.
5. Any policy marketed with an illustration pursuant to sections375.1500 to 375.1530 shall not be required to have the policy summaryrequired by section 376.706, RSMo.
