L&HMImedium
Under Michigan rules governing life insurance policy illustrations, what is required when a policy is sold with an illustration?
AOnly a brochure of company financial ratings
BA recorded verbal summary of disclosed nonguaranteed assumptions, signed by the producer and submitted to DIFS within ten business days after policy delivery to the applicant
A signed copy of the illustration delivered no later than policy delivery, with guaranteed and non-guaranteed elements clearly separated
DA separate variable prospectus regardless of product type
Why this is the answer
Michigan's policy illustration rule requires that when a life policy is marketed with an illustration, the applicant and producer sign the illustration and deliver it no later than policy delivery, with guaranteed and non-guaranteed elements clearly labeled.
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