Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69O - OIR - Insurance Regulation › Chapter 69O-150 - LIFE AND HEALTH ADVERTISING REQUIREMENTS › Section 69O-150.107 - Advertisements of Proceeds Payable, Premiums Payable, or Limited, Graded, or Modified Features

Current through Reg. 50, No. 138; July 16, 2024
(1) Deceptive Words,
				Phrases, or Illustrations Prohibited.
(a) No
				advertisement shall omit information or use words, phrases, statements,
				references or illustrations if such omission or such use has the capacity,
				tendency or effect of misleading or deceiving purchasers or prospective
				purchasers as to the nature or extent of any policy or contract benefit
				payable, loss covered or premium payable. The fact that the policy or contract
				offered is made available to a prospective insured for inspection prior to
				consummation of the sale or an offer is made to refund the premium if the
				purchaser is not satisfied, does not remedy misleading statements.
(b) Invitations to contract must clearly
				reflect the insurer, the agent, the policy form number(s), the type plan,
				premium payable, payment period, and if applicable, changes in face amounts and
				premiums.
(c) A simultaneous
				disclosure of the plan of insurance being offered shall be made in close
				proximity to the advertised face and premium amounts.
(d) An advertisement of life insurance sold
				by direct response shall not contain the phrase "no salesman will call," or "no
				agent will call," or "by eliminating the agent and/or commission we can offer
				this low cost plan," or similar wording in a misleading manner.
(e) Full benefit policies or contracts may
				use the term "non-medical" or "no medical examination required" or similar
				terms where issue is not guaranteed, but this statement shall be accompanied by
				a further disclosure that health questions are required and that issuance of
				the policy or contract may depend upon evidence of insurability.
(f) A full explanation must be made of the
				use of units in which a common premium is specified and varying face amounts
				according to age are described.
(g)
				An advertisement which is an invitation to contract shall disclose those
				limitations affecting the basic provisions of the policy.
(h) An advertisement which also is an
				invitation to join an association, trust, or discretionary group must solicit
				insurance coverage on a separate and distinct application which requires
				separate signatures for each application. The insurance program must be
				presented so as not to mislead or deceive the prospective members regarding the
				fact that they are purchasing insurance as well as applying for membership, if
				that is the case. Any applicable membership fees or dues shall be disclosed on
				each such application and shall appear separately so as not to be construed as
				part of the premium for insurance coverage.
(i) An advertisement shall not refer to
				premium solely as a "deposit."
(j)
				An advertisement containing an interest rate to be earned, rate of return to be
				earned, or yield to be earned, is prohibited unless all limitations and
				conditions which affect the ultimate rate of return earned by the
				policyholder/insured/beneficiary are disclosed prominently and conspicuously
				with equal emphasis to describe the interest rate, rate of return or
				yield.