Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 3 - Advertising › Part 3 - LIFE INSURANCE ADVERTISING › Section 365:10-3-33 - Disclosure requirements

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Disclosure must be clear.
The information required to be disclosed
				  by this section shall not be minimized, rendered obscure, or presented in an
				  ambiguous fashion or intermingled with the text of the advertisement so as to
				  be confusing or misleading.
(b)
Contain complete information.
No advertisement shall omit material
				  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 benefit payable, loss covered, premium payable, or state or federal
				  tax consequences. The fact that the policy offered is made available to a
				  prospective insurer 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.
(c)
Disclosure of unique terms.
In the event an advertisement uses
				  "Non-Medical," "No Medical Examination Required," or similar terms where issue
				  is not guaranteed, such terms shall be accompanied by a further disclosure of
				  equal prominence and juxtaposition thereto to the effect that issuance of the
				  policy may depend upon the answers to the health questions set forth in the
				  application.
(d)
Life
				  insurance.
An advertisement shall not use as the name or title of a life
				  insurance policy any phrase which does not include the words "life insurance"
				  unless accompanied by other language clearly indicating it is life
				  insurance.
(e)
Describe type
				  of policy.
An advertisement shall prominently describe the type of
				  policy advertised.
(f)
Direct
				  marketing.
An advertisement of an insurance policy marketed by direct
				  response techniques shall not state or imply that because there is no insurance
				  producer or commission involved there will be a cost saving to prospective
				  purchasers unless such is the fact. No such cost savings may be stated or
				  implied without justification satisfactory to the Insurance Commissioner prior
				  to use.
(g)
Graded policies
				  shall display limited benefits.
An advertisement for a policy containing
				  graded or modified benefits shall prominently display any limitation of
				  benefits. If the premium is level and coverage decreases or increases with age
				  or duration, such fact shall be prominently disclosed. An advertisement of or
				  for a life insurance policy under which the death benefit varies with the
				  length of time the policy has been in force shall accurately describe and
				  clearly call attention to the amount of minimum death benefit under the
				  policy.
(h)
Prohibited
				  terms.
An advertisement for the types of policies described in (f) and
				  (g) of this subsection shall not use the words "inexpensive," "low cost," or
				  other phrases or words of similar import when such policies are being marketed
				  to persons who are fifty years of age or older, where the policy is guaranteed
				  issue.
(i)
Premiums.
(1) An advertisement for a policy with
				  non-level premiums shall prominently describe the premium changes.
(2) An advertisement in which the insurer
				  describes a policy where it reserves the right to change the amount of the
				  premium during the policy term, but which does not prominently describe this
				  feature, is deemed to be deceptive and misleading and is prohibited.
(3) An advertisement shall not contain a
				  statement or representation that premiums paid for a life insurance policy can
				  be withdrawn under the terms of the policy. Reference may be made to amounts
				  paid into an advance premium fund, which are intended to pay premiums at a
				  future time, to the effect that they may be withdrawn under the conditions of
				  the prepayment agreement. Reference may also be made to withdrawal rights under
				  any unconditional premium refund offer.
(4) An advertisement which represents a pure
				  endowment benefit as a "profit" or "return" on the premium paid rather than as
				  a policy benefit for which a specified premium is paid is deemed to be
				  deceptive and misleading and is prohibited.