211 CMR 95.12 - Applications

Current through Register 1466, April 1, 2022

The application for a variable life insurance policy shall contain:

(1) a prominent statement that the death benefit may be variable or fixed under specified conditions;
(2) a prominent statement that cash values may increase or decrease, even to the extent of being reduced to zero, in accordance with the experience of the separate account (subject to any specified minimum guarantees);
(3) for an application for a variable endowment policy, a prominent statement that the amount of the endowment payable at maturity is not guaranteed but is dependent upon the then cash surrender value and may in fact be reduced to zero (subject to any specified minimum guarantees);
(4) questions designed to elicit sufficient information to enable the insurer or agent to determine the suitability of variable life insurance for the applicant;
(5) a notice that illustrations of benefits conforming to the requirements of 211 CMR 95.11(1)(i), including death benefits and cash surrender values, are available upon request; and
(6) any other application provisions required for use in connection with general account life insurance policies and which are not inconsistent with 211 CMR 95.00.

Notes

211 CMR 95.12

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