State RegulationsIL specificDifficulty 1/5
A candidate for the Illinois producer license is reviewing the state-specific rules for selling life insurance. Which Illinois administrative rule establishes the disclosure requirements governing the solicitation of individual life insurance?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
The life solicitation and disclosure regime for individual life insurance is set out in Reg. 930 (50 Ill. Adm. Code 930), administered by the Illinois Department of Insurance. It governs how individual life policies are solicited and what disclosure documents, such as the Buyer's Guide and the policy summary, must reach the applicant.
Why the other options are wrong
- A) 50 Ill. Adm. Code 909 governs the content of life insurance advertising, not the solicitation and disclosure duties owed to an individual applicant.
- C) 50 Ill. Adm. Code 3120 addresses suitability in the sale of life insurance and annuities, a separate requirement from the solicitation disclosure regime.
- D) 50 Ill. Adm. Code 2012 regulates long-term care insurance, a different product line from the individual life solicitation disclosures.
Memory hook
Nine-thirty tells the applicant: guide plus summary at solicitation time.