Tenn. Comp. R. & Regs. 0780-01-19-.06

Current through June 26, 2024

Section 0780-01-19-.06 - CONTENTS OF PROPOSAL

Any proposal referred to in this Rule must

(a) be dated and signed by the insurance agent;

(b) state the name of the company in which the life insurance policy is to be written;

(c) state that the purchaser has the right to purchase the life insurance policy only, mutual fund shares or other securities only, or both the life insurance policy and mutual fund shares or other securities;

(d) contain no misrepresentation or false, deceptive or misleading words, figures or state-ments. It must be accurate and complete and state all facts without which the proposal would have the capacity of tendency to mislead or deceive;

(e) show the premium charge for the life insurance policy separately from any other charge;

(f) if values which may accrue prior to the death of the insured are involved in the presentation, show the value of the life insurance policy separately from any other values;

(g) show, if it is involved in the presentation, the amount of the death benefit for the life insurance policy separately from any other benefit which may accrue upon the death of the insured;

(h) set forth all matters pertaining to the life insurance policy separately from any matter not pertaining to life insurance;

(i) set forth policy numbers, name of company, and face values of all existing policies of the purchaser, and, if it is proposed that any existing life insurance policy (or policies) is to be surrendered, the policy (or policies) to be surrendered should be indicated and the cash value (or values) thereof set forth; provided, however, that this subparagraph (i) shall not be applicable if the new life insurance is provided under 1. a group life insurance policy; 2. a policy whose cost is borne in whole or in part by the insured's employer or by an association of which the insured is a member; 3. policies covering employees of an employer, or members of an association, which are distributed on a mass merchandising basis and administered by group-type methods; or 4. life insurance policies issued in connection with a pension, profit-sharing or other benefit plan qualifying for tax-deductibility of premiums.

Tenn. Comp. R. & Regs. 0780-01-19-.06

Original rule certified June 10, 1974.

Authority: T.C.A. § 56-3-306.