West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-11A - Life Insurance Disclosures
Section 114-11A-4 - Duties of Insurers

a. The insurer shall provide a Buyer's Guide to all prospective purchasers prior to accepting the applicant's initial premium or premium deposit. However, if the policy for which application is made contains an unconditional refund provision of at least ten (10) calendar days, the Buyer's Guide may be delivered with the policy or prior to delivery of the policy.

b. The insurer shall provide a policy summary to prospective purchasers where the insurer has identified the policy form as one that will not be marketed with an illustration. The policy summary shall show guarantees only and must consist of a separate document with all required information set out in a manner that does not minimize or render any portion of the summary obscure. Any amounts that remain level for two (2) or more years of the policy may be represented by a single number if it clearly indicates what amounts are applicable for each policy year. Amounts in paragraphs 1 through 5, subdivision e. subsection 3.7 shall be listed in total, not on a per thousand or per unit basis. If more than one insured is covered under one policy or rider and if death benefits do not differ within the class, death benefits shall be displayed separately for each insured or for each class of insureds. Zero amounts shall be displayed as a blank space. Delivery of the policy summary shall be consistent with the time for delivery of the Buyer's Guide as specified in subdivision a of this subsection.

a. Upon request by the policyowner, the insurer shall furnish either policy data or an "in force illustration" as defined in subdivision c, subsection 3.4 of this rule as follows:

b. If a life insurance company changes its method of determining scales of nonguaranteed elements on existing policies, it must, no later than when the first payment is made on the new basis, advise each affected policyowner residing in this state of the change and of its effect on affected policies. This requirement does not apply to policies for which the amount payable upon death under the basic policy on the date when advice would otherwise be required does not exceed five thousand dollars ($5,000).

c. If the insurer makes a material revision in the terms and conditions under which it limits its right to change any nonguaranteed factor, it must, no later than the first policy anniversary following the revision, advise each affected policyowner residing in this state.