Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 300 - VARIABLE LIFE INSURANCE RULE
Article X - Applications
Universal Citation: 02 ME Code Rules ยง X
Current through 2024-38, September 18, 2024
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); and
3. questions designed to elicit information which enables the insurer to determine the suitability of variable life insurance for the applicant.
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