Signed Texas
Posted in Uncategorized on 02/27/2004 11:57 am by admin
Variable Life Insurance Policy Sold and Signed in Texas but client lives in Illinois?
Maybe. There are some things for concern though. Variable Life is a securities-based policy, so there is more than just state insurance laws to worry about. Also, although most states will allow a person who lives there to sign in another state, some require that the agent is licensed in the state of the client’s residence (I think Florida does). Even if it’s ok, you have to use an application for the state they live in, because the policy will have to be one approved in the state of residence (if the policy is not approved in Illinois, they may not be able to issue it because there would not be an Illinois approved application).
In my opinion, your biggest worry should be the rules for variable life sales in each state, because you can get into really big trouble if you transgress those.
RB Malcolm Brown #28 *SIGNED LOI TO TEXAS* Cibolo Steele HS (SR Highlights)…CHAMPIONSHIP MODE