Maine Life Insurance LAW

Maine Life Insurance LAW solicitation and cost disclosure -buyers guide -policy summary -policy illustrations buyers guide contains information that helps applicant decide how much life insurance to buy determine what type of policy is needed and compares the costs of similar policies policy summary written statement describing the elements of a life insurance policy has name, address of producer & insured has name of policy and each rider tells annual premium, cash surrender values, guaranteed death benefits and policy loan interest rates also has life insurance cost indexes, including a surrender cost index and a net payment cost index references to policy dividends must include a statement that DIVIDENDS are not guaranteed things producer has to do before accepting premium must provide a BUYER'S GUIDE & preliminary statement of policy cost BEFORE accepting the initial premium things producer has to do before or at time of policy DELIVERY same things as before accepting premium & must also provide a POLICY SUMMARY preliminary statement of policy cost statement, similar to buyer's guide but less detailed designed to help applicant compare cost of different life insurances and determine how much coverage to buy considered misrepresentation if you fail to provide: buyer's guide, preliminary statement of policy cost or policy summary policy illustrations basic illustrations must include: NUMERIC SUMMARY of death benefits, cash values and contract premium for policy years (5,10,20 and at age 70) also must include statement signed by the applicant and the producer stating that with illustrations, can things change? yes, even if you receive the copy of the illustration the insured has to understand that ANY NON-GURANTEED ELEMENTS ILLUSTRATED ARE SUBJECT TO CHANGE copy of the illustration when used by a producer must be submitted to the insurer and provided to the applicant AT THE TIME OF POLICY APPLICATION what if no illustration used?