Individual Life Insurance Application Standards - Interstate ...
Individual Life Insurance Application Standards - Interstate ...
Individual Life Insurance Application Standards - Interstate ...
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Date: 10/28/08<br />
Adopted by the IIPRC<br />
(b)<br />
In the case of applications for use by more than one company, the name of<br />
each company may be variable only to permit:<br />
(i)<br />
(ii)<br />
Deletion if the company ceases to do new business; and<br />
Addition of a company authorized to do business by the respective<br />
<strong>Interstate</strong> <strong>Insurance</strong> Product Regulation Commission member<br />
states;<br />
(c)<br />
Plan information, including plan marketing name or logo.<br />
The item shall be bracketed or otherwise marked to denote variability. The<br />
submission shall include a Statement of Variability that will discuss the<br />
conditions under which each variable item may change.<br />
(2) If the company identifies plan information that may be variable in the application,<br />
such information shall be consistent with the Statement of Variability that has<br />
been or is being filed for use with the respective policy form. For variable life<br />
insurance plans, items such as the Separate Accounts and Funds available under<br />
the plan may be identified as variable to the extent allowed by the policy form.<br />
C. READABILITY REQUIREMENTS<br />
(1) The application text shall achieve a minimum score of 50 on the Flesch reading<br />
ease test or an equivalent score on any other approved comparable reading test.<br />
See Appendix A for Flesch methodology. This requirement shall not apply to life<br />
applications or sections of life applications that are subject to federal jurisdiction.<br />
(2) The application text shall be presented in not less than ten point type, one point<br />
leaded.<br />
(3) The style, arrangement and overall appearance of the application shall give no<br />
undue prominence to any portion of the text or section of the application.<br />
§ 2 GENERAL FORM REQUIREMENTS<br />
A. COVER PAGE OR FIRST PAGE<br />
(1) The full corporate name of the company shall appear in prominent print on the<br />
cover page or first page of the application. “Prominent print” means, for example,<br />
all capital letters, contrasting color, underlined or otherwise differentiated from<br />
the other type on the form.<br />
(2) If an application will be used by more than one company, each company’s full<br />
corporate name shall appear in prominent print on the cover page of the<br />
© IIPRC 5