The application for a variable life insurance policy shall contain all of the following statements and questions:
- (a) A prominent statement that the death benefit may be variable or fixed under specified conditions.
- (b) 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.
- (c) Questions designed to elicit information which enables the insurer to determine the suitability of variable life insurance for the applicant.
- (d) A prominent statement that, in the case of a variable endowment policy, the amount of the endowment payable at maturity is not guaranteed, but is dependent upon the then cash surrender value, subject to any specified minimum guarantees.
History: 1979 AC; 1988 AACS.