Financed purchase definition
Financed purchase means the purchase of a new policy involving the actual or intended use of funds obtained by the with- drawal or surrender of, or by borrowing from values of an existing policy to pay all or part of any premium due on the new policy. For purposes of a regulatory review of an individual transaction only, if a withdrawal, surrender or borrowing involving the policy values of an existing policy is used to pay premiums on a new pol- icy owned by the same policyholder and issued by the same insurer within 4 months before or 13 months after the effective date of the new policy, it will be deemed prima facie evidence of the policyholder’s intent to finance the purchase of the new policy with existing policy values. This prima facie standard is not intended to increase or decrease the monitoring obligations con- tained in sub. (5) (a).
Financed purchase means the purchase of a new policy involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by borrowing from values of an existing policy to pay all or part of any premium due on the new policy…”
Financed purchase means the pur- chase of a new policy or contract involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by bor- rowing from values of an existing policy or contract to pay all or part of any premium due on the new policy or contract. For purposes of a regulatory review of an individual trans- action only, if a withdrawal, surrender, or borrowing involving the policy or contract values of an existing policy or contract is used to pay premiums on a new policy or contract owned by the same policyholder and issued by the same company within four (4) months before or thirteen (13) months after the effec- tive date of the new policy or contract, it will be deemed prima facie evidence of the poli- cyholder’s intent to finance the purchase of the new policy or contract with existing poli- cy or contract values. This prima facie stan- dard is not intended to increase or decrease the monitoring obligations contained in para- graph (4)(A)5. of this rule.
More Definitions of Financed purchase
Financed purchase means the purchase of a new policy involving
Financed purchase means the purchase of a new policy that involves the actual or intended use of funds to pay all or part of any premium due on the new policy obtained by:
Financed purchase means the purchase of a new insurance policy, certificate, or annuity contract involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by borrowing from, values of an existing policy, certificate, or annuity contract to pay all or part of any premium due on the new policy, certificate, or annuity contract. “Financed purchase” within the meaning of
Financed purchase means the purchase of a new policy involving the actual use of funds ob- tained by the withdrawal or surrender of, or by borrowing from, values of an existing policy to pay all or part of any premium due on a new policy issued by the same insurer. If a request for withdrawal, sur- render, or borrowing involving the policy values of an existing policy is accompanied by direction to pay premiums on a new policy owned by the same policyholder within 13 months before or after the effective date of the new policy and is known by the insurer, it will be deemed prima facie evidence of a financed purchase.
Financed purchase means the purchase of a new policy involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by borrowing from values of an existing policy to pay all or part of any premium due on the new policy. For purposes of a regulatory review of an individual transaction only, if a withdrawal, surrender or borrowing involving the policy values of an existing policy is used to pay premiums on a new policy owned by the same policyholder and issued by the same company within four
Financed purchase means the purchase of a new policy or contract involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by borrowing from the policy or contract values of an existing policy or contract to pay all or part of any premium or consideration due on the new policy or contract. If a withdrawal, surrender or borrowing involving the policy or contract values of an existing policy or contract on the life of the intended insured occurs within thirteen (13) months before or after the effective date of the new policy and is known by the replacing company, or if the withdrawal, surrender or borrowing is shown on any illustration of the existing and new policies or contracts made available to the prospective policyowner by the existing or replacing insurer or its representatives, it will be deemed prima facie evidence of a financed purchase.
Financed purchase means the purchase of a new policy involving the actual or intended use of funds obtained by the withdrawal or surrender of, or by borrowing from values of an