Ins 23.60(2)(a)(a) That a purpose of the advertisement is the solicitation of insurance. Ins 23.60(2)(b)(b) That an insurance intermediary may contact any person who responds to the advertisement. Ins 23.60(3)(3) No insurer or insurance intermediary may use a response from an advertisement of a prearranged funeral plan regardless of who placed or published the advertisement unless the advertisement includes the disclosures required under sub. (2). Ins 23.60(4)(4) The insurer whose policy is advertised has the responsibility for the content, form and method of dissemination of all advertisements, regardless of who designed, created, wrote, printed or utilized them. Ins 23.60(5)(5) An insurer shall require its insurance intermediaries, and all other persons or agencies acting on its behalf in preparing advertisements, to submit advertisements to it for approval prior to use of the advertisement. Ins 23.60(6)(6) An insurer shall maintain a copy of every advertisement and all correspondence for each advertisement submitted for approval or used in Wisconsin for 3 years after the advertisement was last used. Ins 23.60 HistoryHistory: Cr. Register, July, 1997, No. 499, eff. 10-1-97. Ins 23.70(1)(1) The insurer shall establish and implement written marketing procedures for funeral policies to ensure compliance with solicitation, disclosure, and suitability requirements. Ins 23.70(2)(2) The insurer shall train and monitor its agent force to ensure compliance with the written marketing procedures and provide each a copy of the written procedures. Ins 23.70(3)(3) The insurer shall maintain a copy of the marketing procedures. Ins 23.70(4)(4) The insurer shall maintain a copy of the list of funeral goods and services contracted for in the prearranged funeral plan at the time of the application. Ins 23.70(5)(5) No insurer may accept an application unless the application is complete and on a form approved under s. 631.20, Stats., and in compliance with this section. Ins 23.70(6)(6) The insurer shall provide the following disclosures and statements and ask the following questions on the application form in print no less than 12 point type: [Disclosures]
The total price of the prearranged funeral plan.
Whether the cost of the final expenses is or is not guaranteed.
The minimum dollar amount of the death benefit payable under the funeral policy.
1.The total amount of premium the applicant will pay for the funeral policy, including total premium to be paid for a multi-pay policy.
[Statements]
You should not need more than one life insurance policy to fund a prearranged funeral plan.
If you have an existing life insurance policy or annuity, you may be able to assign some or all of an existing policy’s benefits to fund the prearranged funeral plan rather than purchase an additional insurance policy.
It may not be in your best interests to borrow on the cash value of an existing life insurance policy to pay the premium on a funeral policy that will be used to fund a prearranged funeral plan.
The life insurance or annuity policy you are purchasing may not fully fund the costs of the funeral goods and services provided.
[Questions]
Do you have another life insurance or annuity policy in force?
a. If so, with which company?
b. If so, do you intend to replace your current insurance policy with this policy?