11 NCAC 12 .0440             APPLICATIONS

The application for a variable life insurance policy shall contain:

(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 in accordance with the experience of the separate account (subject to any specified minimum guarantees);

(3)           questions designed to elicit information which enables the insurer to determine the suitability of variable life insurance for the applicant.

History Note:        Authority G.S. 58-2-40(1); 58-7-95;

Eff. January 1, 1978;

Readopted Eff. September 26, 1978;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018.