Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) If a basic illustration is used in the solicitation of a life insurance policy that is applied for as illustrated, the person soliciting the policy must provide a copy of that illustration, signed as required under 3 AAC 28.820, to the applicant at the time of application and to the insurer. If the policy issued differs from the policy applied for, or if premiums, benefits, or values differ from the signed basic illustration, a revised basic illustration conforming to the policy as issued must be sent to the applicant with the policy. The revised illustration must conform to the requirements of 3 AAC 28.800 - 3 AAC 28.849, and must be labeled "revised illustration." The person soliciting the policy shall sign and date the revised illustration and obtain the signature of the applicant or policy owner on the revised illustration no later than the time the policy is delivered. A signed copy of the revised illustration must be provided to the insurer and the policy owner.
(b) If an illustration is not used in the solicitation of a life insurance policy that the insurer indicated under 3 AAC 28.810 would be marketed with an illustration, or if the policy applied for differs from the illustration, the person soliciting the policy shall certify these facts in writing on a form provided by the insurer. On the same form, the person soliciting the policy shall obtain the applicant's acknowledgment that an illustration conforming to the policy applied for was not provided and that the applicant understands that an illustration conforming to the policy as issued will be provided no later than the time the policy is delivered. This form must be submitted to the insurer at the time of policy application. When the policy is issued, a basic illustration conforming to the policy as issued must be sent to the applicant with the policy. The person soliciting the policy shall sign and date the illustration and obtain the signature of the applicant or policy owner on the illustration no later than the time the policy is delivered. A signed copy of the illustration must be provided to the insurer and the policy owner.
(c) If the basic or revised illustration is mailed directly to an applicant or policy owner from an insurer, the illustration must include instructions for the applicant or policy owner to sign a duplicate copy of the numeric summary page of the illustration for the policy issued and to return the signed copy to the insurer. An insurer's obligation under this subsection is satisfied if the insurer can document that it has made a diligent effort to secure a signed copy of the numeric summary page. An insurer may satisfy the obligation if the insurer documents that it included in the mailing a self-addressed, postage paid envelope, and instructions for the return of the signed numeric summary page.
(d) If a policy is issued, an insurer shall, for five years after the policy is no longer in force, retain a copy of the basic illustration and a revised basic illustration, if any, signed as applicable, along with any certification that either an illustration was not used or that the policy was applied for other than as illustrated.
History: Eff. 9/1/98, Register 147
Authority: AS 21.06.090
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006