D-9.2, r. 10 - Regulation respecting the pursuit of activities as a representative

Section 16 Disposition versions

2013-10-22

16. Where a representative in insurance of persons sells to a client an individual insurance of persons product or an individual annuity the representative must give to the client, no later than on the date the policy is delivered, a legible document indicating the following:

(1)  whether the insurance costs payable under the contract are guaranteed and, where applicable, for how long, and whether such amounts may fluctuate;

(2)  whether the return on the amounts invested through the insurance product is guaranteed or not;

(3)  whether the face amount of the insurance is guaranteed or may fluctuate;

(4)  any specific exclusions contained in the contract;

(5)  if a surrender fee or a penalty is payable if the contract is surrendered;

(6)  (paragraph revoked).

O.C. 830-99, s. 16; M.O. 2013-12, s. 15.

2012-09-01

16. Where a representative in insurance of persons sells to a client an individual insurance of persons product or an individual annuity, including an endowment contract, the representative must give to the client a document, printed in at least 10-point Bookman Old Style font or its equivalent, indicating the following:

(1)  whether the insurance costs payable under the contract are guaranteed and, where applicable, for how long, and whether such amounts may fluctuate;

(2)  whether the return on the amounts invested through the insurance product is guaranteed or not;

(3)  whether the face amount of the insurance is guaranteed or may fluctuate;

(4)  any specific exclusions contained in the contract;

(5)  if a surrender fee or a penalty is payable if the contract is surrendered;

(6)  if the purpose of the transaction is to terminate or replace another life insurance product.

O.C. 830-99, s. 16.