Current through Register Vol. XLI, No. 50, December 13, 2024
Section 114-7-3 - Receipt3.1. Evidence of acceptance. -- Upon delivery of the policy, a policy receipt or acceptance form must be executed by the insured acknowledging that:(a) The policy has been issued as represented; and(b) The insured acknowledges and understands the provisions and obligations of the financial indebtedness that he has incurred. If, at the time the policy receipt or acceptance form is presented with the policy to the insured for his signature, he decides that he does not wish the plan, it is strongly recommended that the policy and note be canceled and the applicant released from any liability, and refund made of the down payment. Failure to comply with this recommendation will be cause for an investigation by this department to determine whether proper disclosure of the plan was made at the time of the solicitation and application for insurance.
3.2. Registration of printed form-Time of delivery. -- The printed form described in Section 3.1 of these rules above should be registered by number (preferably corresponding to policy number) in the home office. Such form must be sent with the policy at the time of delivery only. These forms shall not be made available as supplies to field representatives or agents, but must be furnished from the home office in transmittal of the policy to the writing agent.