Effective – 28 Aug 1979 376.700. Purpose — use of additional material. — 1. The purpose of sections 376.700 to 376.714 is to require insurers to deliver to purchasers of life insurance, information which will improve the buyer’s ability to select the most appropriate plan of life insurance for his needs, improve the buyer’s understanding […]
Effective – 28 Aug 1979 376.702. Application of law — exceptions. — 1. Except as hereafter exempted, sections 376.700 to 376.714 shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. Sections 376.700 to 376.714 shall apply to every issuer of life insurance contracts including fraternal benefit societies. 2. Unless […]
Effective – 28 Aug 1979 376.704. Definitions. — For the purposes of sections 376.700 to 376.714, the following definitions shall apply: (1) “Buyer’s guide”, a document which contains, and is limited to, the language contained in section 376.714 or language approved by the director of the department of commerce and insurance; (2) “Cash dividend”, the […]
Effective – 28 Aug 1979 376.706. Delivery of guide and summary required, when. — 1. The insurer shall provide, to all prospective purchasers, a buyer’s guide and a policy summary prior to accepting the applicant’s initial premium or premium deposit, unless the policy for which application is made contains an unconditional refund provision of at […]
Effective – 28 Aug 1979 376.708. Required presentations and statements — company to maintain file. — 1. Each insurer shall maintain at its home office or principal office, a complete file containing one copy of each document authorized by the insurer for use pursuant to sections 376.700 to 376.714. Such file shall contain one copy […]
Effective – 28 Aug 1979 376.710. Effect of omission. — Deliberate failure of an insurer to provide or deliver a buyer’s guide, or a policy summary as provided in section 376.706 shall constitute an omission which misrepresents the benefits, advantages, conditions or terms of an insurance policy, and an agent’s license may be revoked or […]
Effective – 28 Aug 1979 376.712. Effective date. — Sections 376.700 to 376.714 shall apply to all solicitations of life insurance which commence on or after January 1, 1980. ——– (L. 1979 H.B. 508 § 7)
Effective – 28 Aug 1979 376.714. Contents and form of buyer’s guide. — The life insurance buyer’s guide shall consist of the following: (1) The face page of the buyer’s guide shall read as follows: LIFE INSURANCE BUYER’S GUIDE This guide can show you how to save money when you shop for life insurance. It […]
