Current through Register Vol. 54, No. 45, November 9, 2024
Section 90c.11 - Signatures(a)Basic application.(1) A basic application for life insurance makes provision for signatures of the following, if applicable: proposed insured; applicant; spouse; children age 18 or over; payor; and owner.(2) If children age 18 or over are to be insured, provision is made for their signatures since insurance is being applied for on their lives.(3) If a spouse is to be insured, provision is made for the spouse's signature since insurance is being applied for on the spouse's life.(b)Annuity application. An annuity application makes provision for signatures of the following: annuitant; owner, if other than the annuitant; and payor, if other than the owner.(c)New life insurance.(1) An application for new life insurance coverage provides for the signatures of all adults on whom new coverage could be applied for. The exception to this is an application by a person, copartnership, association or corporation, for life insurance on an officer, director, principal, partner or employe, if the beneficiary has an insurable interest in the life of the insured. This complies with section 412 of The Insurance Company Law of 1921 (40 P. S. § 512).(2) For purposes of review, an application for new life insurance coverage is any of the following: basic application, application for extra benefit riders, conversion application, exchange application and application for increase in existing coverage.(d)Signatures of adults. An application having health questions provides for the signatures of all adults about whom the health questions could be asked.(e)Insurance coverage on juvenile. An application designed to be an application for new life insurance coverage on only a juvenile provides for the signature of the person liable for the support of the juvenile. This complies with section 412 of The Insurance Company Law of 1921. Accordingly, an application having an applicant signature line labeled other than "Parent," "Parent or Guardian" or "Person Liable for Support of the Proposed Insured" also has a signature line labeled "Parent," "Parent or Guardian" or "Person Liable for Support of the Proposed Insured." As an alternative to revising the form, the company provides a certification in writing that the applicant will always be the person liable for the support of the proposed insured.(f)Agent's signature. If the application is completed by an agent, provision is made for the agent's signature. If the application is not completed by an agent, the form does not provide for an agent's signature. Reference to a licensed resident agent or witness does or does not appear.(g)Proposed insured or annuitant signature.(1) If the proposed insured or annuitant signature line on an application is labeled to require the signature of a proposed insured or annuitant under age 18, the application also has an applicant signature line and the company provides a certification that the applicant will always be 18 years of age or older. This is necessary because an application signed by a proposed insured or annuitant under 18 should always be signed by an applicant 18 or over, since the age of majority for contracting for insurance in this Commonwealth is 18.(2) The applicant signature line on a life application is not labeled to indicate that an applicant's signature is required only if the proposed insured is under a specified age less than 18. This recognizes that the age of majority for contracting for insurance in this Commonwealth is 18 and that an application should be signed by an applicant 18 or over whenever the proposed insured is under 18.(3) The owner's signature line on an annuity application is not labeled to indicate that an owner's signature is required only if the proposed annuitant is under a specified age less than 18. This recognizes that the age of majority for contracting insurance in this Commonwealth is 18 and that an application should be signed by an owner 18 years or over whenever the proposed annuitant is under 18.