14 Va. Admin. Code § 5-80-310

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-80-310 - Applications

The application for a variable life insurance policy shall contain:

1. A prominent statement in boldface capital letters that the death benefit may be variable or fixed under specified conditions;

2. A prominent statement in boldface capital letters that cash values may increase or decrease in accordance with the experience of the separate account (subject to any specified minimum guarantees);

3. Questions based on the insurer's standards of suitability so that in view of the applicant's other insurance, investment objectives, age, earnings, marital status, number and age of dependents, current life insurance program, the value of savings and other assets, net worth, and any other pertinent information, the insurer may determine that variable life insurance is suitable for the applicant.

14 Va. Admin. Code § 5-80-310

Derived from Regulation 26, Case No. INS920077, Article IX, § 1, eff. June 15, 1992.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.