Pennsylvania Code (Last Updated: April 5, 2016) |
Title 31. INSURANCE |
PART IV. Life Insurance |
Chapter 90e. Individual IRA Endorsements for Life Insurance and AnnuitiesStatement of Policy |
Section 90e.8. Prohibited terminology
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The following terminology is not present:
(1) The term special, unless used in reference to or to designate one or more of the following: a premium payment mode, a premium rating class, a settlement option or options under a policy. This complies with § 89.13(c) (relating to use of certain words and terms).
(2) The term deposit, unless used on conjunction with the word premium or the payment establishes a debtor-creditor relationship. This complies with § 87.28 (relating to reference to payment as deposit).
(3) The term legal reserve, the absence of which complies with Chapter 139 (relating to prohibited phrases).
(4) The term franchise.
(5) The term sponsor unless used in reference to an entity which pays all or part of the premium or is a pension or welfare plan sponsor under ERISA.