§ 58‑60‑20. General rules relating to solicitation.
(a) Each insurersubject to this Part shall maintain at its home office or principal office acomplete file containing one copy of each document authorized by the insurerfor use pursuant to this Part. Such file shall contain one copy of eachauthorized form for a period of three years following the date of its lastauthorized use.
(b) An agent shallinform the prospective purchaser, prior to commencing a life insurance salespresentation, that he is acting as a life insurance agent and inform theprospective purchaser of the full name of the insurance company which he isrepresenting to the buyer. In sales situations in which an agent is notinvolved, the insurer shall identify its full name.
(c) Terms such asfinancial planner, investment advisor, financial consultant, or financialcounseling shall not be used in such a way as to imply that the insurance agentis generally engaged in an advisory business in which compensation is unrelatedto sales unless such is actually the case.
(d) Any reference topolicy dividends must include a statement that dividends are not guaranteed.
(e) A system orpresentation which does not recognize the time value of money through the useof appropriate interest adjustments shall not be used for comparing the cost oftwo or more life insurance policies. Such a system may be used for the purposeof demonstrating the cash‑flow pattern of a policy if such presentationis accompanied by a statement disclosing that the presentation does notrecognize that, because of interest, a dollar in the future has less value thana dollar today.
(f) A presentation ofbenefits shall not display guaranteed and nonguaranteed benefits as a singlesum unless they are shown separately in close proximity thereto.
(g) A statementregarding the use of the Life Insurance Cost Indexes shall include anexplanation to the effect that the indexes are useful only for the comparisonof the relative costs of two or more similar policies.
(h) A Life Insurance CostIndex which reflects dividends or an Equivalent Level Annual Dividend shall beaccompanied by a statement that it is based on the insurer's current dividendscale and is not guaranteed.
(i) For the purposesof this Part, the annual premium for a basic policy or rider, for which theinsurer reserves the right to change the premium, shall be the maximum annualpremium. (1979,c. 447; 2005‑234, ss. 1.7, 1.8.)
§ 58‑60‑20. General rules relating to solicitation.
(a) Each insurersubject to this Part shall maintain at its home office or principal office acomplete file containing one copy of each document authorized by the insurerfor use pursuant to this Part. Such file shall contain one copy of eachauthorized form for a period of three years following the date of its lastauthorized use.
(b) An agent shallinform the prospective purchaser, prior to commencing a life insurance salespresentation, that he is acting as a life insurance agent and inform theprospective purchaser of the full name of the insurance company which he isrepresenting to the buyer. In sales situations in which an agent is notinvolved, the insurer shall identify its full name.
(c) Terms such asfinancial planner, investment advisor, financial consultant, or financialcounseling shall not be used in such a way as to imply that the insurance agentis generally engaged in an advisory business in which compensation is unrelatedto sales unless such is actually the case.
(d) Any reference topolicy dividends must include a statement that dividends are not guaranteed.
(e) A system orpresentation which does not recognize the time value of money through the useof appropriate interest adjustments shall not be used for comparing the cost oftwo or more life insurance policies. Such a system may be used for the purposeof demonstrating the cash‑flow pattern of a policy if such presentationis accompanied by a statement disclosing that the presentation does notrecognize that, because of interest, a dollar in the future has less value thana dollar today.
(f) A presentation ofbenefits shall not display guaranteed and nonguaranteed benefits as a singlesum unless they are shown separately in close proximity thereto.
(g) A statementregarding the use of the Life Insurance Cost Indexes shall include anexplanation to the effect that the indexes are useful only for the comparisonof the relative costs of two or more similar policies.
(h) A Life Insurance CostIndex which reflects dividends or an Equivalent Level Annual Dividend shall beaccompanied by a statement that it is based on the insurer's current dividendscale and is not guaranteed.
(i) For the purposesof this Part, the annual premium for a basic policy or rider, for which theinsurer reserves the right to change the premium, shall be the maximum annualpremium. (1979,c. 447; 2005‑234, ss. 1.7, 1.8.)
§ 58‑60‑20. General rules relating to solicitation.
(a) Each insurersubject to this Part shall maintain at its home office or principal office acomplete file containing one copy of each document authorized by the insurerfor use pursuant to this Part. Such file shall contain one copy of eachauthorized form for a period of three years following the date of its lastauthorized use.
(b) An agent shallinform the prospective purchaser, prior to commencing a life insurance salespresentation, that he is acting as a life insurance agent and inform theprospective purchaser of the full name of the insurance company which he isrepresenting to the buyer. In sales situations in which an agent is notinvolved, the insurer shall identify its full name.
(c) Terms such asfinancial planner, investment advisor, financial consultant, or financialcounseling shall not be used in such a way as to imply that the insurance agentis generally engaged in an advisory business in which compensation is unrelatedto sales unless such is actually the case.
(d) Any reference topolicy dividends must include a statement that dividends are not guaranteed.
(e) A system orpresentation which does not recognize the time value of money through the useof appropriate interest adjustments shall not be used for comparing the cost oftwo or more life insurance policies. Such a system may be used for the purposeof demonstrating the cash‑flow pattern of a policy if such presentationis accompanied by a statement disclosing that the presentation does notrecognize that, because of interest, a dollar in the future has less value thana dollar today.
(f) A presentation ofbenefits shall not display guaranteed and nonguaranteed benefits as a singlesum unless they are shown separately in close proximity thereto.
(g) A statementregarding the use of the Life Insurance Cost Indexes shall include anexplanation to the effect that the indexes are useful only for the comparisonof the relative costs of two or more similar policies.
(h) A Life Insurance CostIndex which reflects dividends or an Equivalent Level Annual Dividend shall beaccompanied by a statement that it is based on the insurer's current dividendscale and is not guaranteed.
(i) For the purposesof this Part, the annual premium for a basic policy or rider, for which theinsurer reserves the right to change the premium, shall be the maximum annualpremium. (1979,c. 447; 2005‑234, ss. 1.7, 1.8.)
