Section R. 500.864 - Policy applicationRule 24. 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.Mich. Admin. Code R. 500.864