§ 89.53. Policy receipt or acceptance form.
(a) Upon delivery of the policy, a policy receipt or acceptance form shall be executed by the insured acknowledging that:
(1) The policy has been issued as presented.
(2) The insured understands the provisions and obligations of the premium financing arrangement and the indebtedness which he has incurred.
(b) A policy receipt or acceptance form should be registered by number in the home office of the company.
(c) The receipts or acceptance forms shall accompany the policy at the time of delivery only, and may not be made available at any other time or for another purpose.
(d) Until the executed policy receipt or acceptance form has been received and filed in the home office of the company, no promissory note executed by the insured should be sold or otherwise transferred or assigned, and no commission on the sale should be paid to an agent.
Source The provisions of this § 89.53 adopted January 20, 1970.
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