Section Ins 303.05 - Disclosure Requirements(a) Prior to taking an application for a deposit term life insurance policy, the insurer, agent, broker or any other such person shall present to the applicant a completed Disclosure Statement for Policy with an Additional First Year Premium, the substance and format of which shall be substantially the same as that shown in Table 303-1. One copy of this statement, signed by the agent, shall be left with the applicant for the applicant's records. Another copy of this statement shall be signed by the applicant as an acknowledgement of receipt and submitted with the application to the insurer.(b) The Disclosure Statement for Policy with an Additional First Year Premium shown in Table 303-1 shall be used with the modified premium whole life type of deposit term policy on the market at the time this part became effective. It shall be appropriately altered to adapt it to other types of deposit term policies.(c) Any such adaptation shall: (1) Comply with the intent and spirit of this part; and(2) Include a full disclosure of the following items:a. With respect to the additional first year premium, its amount, forfeiture details, guaranteed values and ultimate disposition;b. Face amount and premium information for at least the first 20 years;c. Representative cash value information for the first 20 years; andd. A complete description of each option existing under the policy at the maturity date of the pure endowment, typically, the end of the 10th policy year, to include a designation of the automatic option, if any.N.H. Admin. Code § Ins 303.05
#1900, eff 1-1-82; ss by #4287, eff 7-1-87; ss by #5657, eff 7-1-93; ss by #7015, INTERIM, eff 7-1-99, EXPIRED: 10-29-99
New. #7450, eff 2-16-01