Life Insurance Solicitation

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the guide must ...

EXPLAIN WHOLE LIFE, TERM AND ENDOWMENT PLANS

also, the guide must ...

HOW TO USE COST INDEXES AND POINT OUT THAT A POLICY WITH A SMALL INDEX IS BETTER

PRIOR TO ACCEPTING INITIAL PREMIUM ...

INSURERS MUST DELIVER A BUYER'S GUIDE

failure to provide buyer's guide or policy summary ...

-CONSTITUTES OMISSION ...

policy summary

-must be delivered PRIOR or WITH producer-solicited policy -MUST CONTAIN: 1. name and address of prouder and insurer 2. generic name of basic policy 3. annual premium for the basic policy 4. guaranteed endowment amounts 5. annual policy loan interest rate 6. date policy was prepared

solicitation

-regulation REQUIRES the insurers deliver information to buyer that HELP to select plans that are appropriate

EXCEPTIONS

1. annuities 2. variable life 3. credit life 4. group life 5. franchise life 6. policies issued with pension or welfare plans 7. policies less than $10,000

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