31 Pa. Code § 87.28 - Reference to payment as "deposit

A life insurance company, broker, agent, solicitor or representative may not describe or refer to premium payments in language which states that the payment is a "deposit," unless either of the following apply:

(1) The payment establishes a debtor-creditor relationship between the life insurance company and the policyholder and a showing is made as to when and how the deposit may be withdrawn.

(2) The term is used in conjunction with the word "premium" in such a manner as to indicate clearly the true character of the payment.

Notes

31 Pa. Code § 87.28

This section cited in 31 Pa. Code § 87.21 (relating to scope); 31 Pa. Code § 90c.8 (relating to prohibited terminology); 31 Pa. Code § 90d.6 (relating to prohibited terminology); 31 Pa. Code § 90e.8 (relating to prohibited terminology); 31 Pa. Code § 90f.9 (relating to prohibited terminology); 31 Pa. Code § 90g.9 (relating to prohibited terminology); and 31 Pa. Code § 90h.7 (relating to prohibited terminology).