Mich. Admin. Code R. 500.603 - Duties of insurers
Rule 603.
(1) A
life insurer shall inform its field representatives of the requirements of this
rule and
R
500.601,
R
500.602, and
R 500.604 to
R
500.606.
(2) A life insurer shall require, with, or as
a part of, each application for life insurance, a statement signed by the
applicant as to whether the insurance for which application is made will
replace existing life insurance.
(3) A life insurer shall require, in
connection with each application for life insurance, a statement signed by the
agent as to whether, to the best of his or her knowledge, replacement is
involved in the transaction.
Notes
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