211 CMR 95.12 - Applications
The application for a
(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
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