Mich. Admin. Code R. 500.864 - Policy application
Rule 24. The application for a variable life insurance policy shall contain all of the following statements and questions:
(a) A prominent statement that the death
benefit may be variable or fixed under specified conditions.
(b) A prominent statement that cash values
may increase or decrease in accordance with the experience of the separate
account, subject to any specified minimum guarantees.
(c) Questions designed to elicit information
which enables the insurer to determine the suitability of variable life
insurance for the applicant.
(d) A
prominent statement that, in the case of a variable endowment policy, the
amount of the endowment payable at maturity is not guaranteed, but is dependent
upon the then cash surrender value, subject to any specified minimum
guarantees.
Notes
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