A.If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this article, shall be submitted to the insurer at the time of policy application. A copy shall also be provided to the applicant.
B.If the policy is issued other than as applied for, a revised basic illustration that conforms to the policy as issued shall be sent with the policy. The revised illustration shall conform to the requirements of this article, shall be labeled revised illustration and shall be signed and dated by the applicant or policyowner and producer or other authorized representative of the insurer not later than the time th
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A. If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this article, shall be submitted to the insurer at the time of policy application. A copy shall also be provided to the applicant.
B. If the policy is issued other than as applied for, a revised basic illustration that conforms to the policy as issued shall be sent with the policy. The revised illustration shall conform to the requirements of this article, shall be labeled revised illustration and shall be signed and dated by the applicant or policyowner and producer or other authorized representative of the insurer not later than the time the policy is delivered. A copy shall be provided to the insurer and the policyowner.
C. If an illustration is not used by an insurance producer or other authorized representative in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the producer or authorized representative shall certify to that effect in writing on a form provided by the insurer. On the same form, the applicant shall acknowledge that an illustration conforming to the policy applied for was not provided and shall further acknowledge an understanding that an illustration conforming to the policy as issued will be provided not later than at the time of policy delivery. The applicant shall submit this form to the insurer at the time of policy application.
D. If the policy is issued, a basic illustration that conforms to the policy as issued shall be sent with the policy and signed in accordance with the requirements of this section not later than the time the policy is delivered. A copy shall be provided to the insurer and the policyowner.
E. If the insurer mails the basic illustration or revised illustration to the applicant or policyowner, the basic illustration or revised illustration shall include instructions for the applicant or policyowner to sign the duplicate copy of the numeric summary page of the illustration for the policy issued and return the signed copy to the insurer. The insurer's obligation under this subsection is satisfied if the insurer can demonstrate that it has made a diligent effort to secure a signed copy of the numeric summary page. The insurer's requirement to make a diligent effort is satisfied if the insurer includes in the mailing a self-addressed, postage prepaid envelope with instructions for returning the signed numeric summary page. If the applicant or policyowner consents to transact insurance electronically, the insurer may send a copy with instructions for signing and returning the signed copy electronically.
F. The insurer shall retain a copy of the basic illustration and a revised basic illustration, if any, signed as applicable, along with any certification that either no illustration was used or that the policy was applied for other than as illustrated until three years after the policy is no longer in force. The insurer does not need to retain a copy if a policy is not issued.