11 NCAC 04 .0320. STUDENT LOANS

Whenever a life insurer offers an insurance product that has associated with it the possibility of that company making a federal guaranteed student loan through the Federal Higher Education Act in connection with the solicitation or sale of the life insurance product, said agent of company and applicant shall execute a form to be approved by the Department.  Said form shall set out the rights of the applicant under G.S. 58-3-135, and, among other things, also shall state that the purchase of life insurance is not necessary to obtain a federal guaranteed student loan and that information on alternative sources of such loans can be had by contacting student finance officers at institutions of higher learning.  Once this form is executed, one copy of the same shall be left with the applicant and the insurance carrier, issuing the insurance product, shall keep a copy of the form in its records for a period of at least three years.

 

History Note:        Authority G.S. 58-2-40; 58-3-135; 58-3-150;

Eff. July 1, 1986;

Amended Eff. April 8, 2002; April 1, 1989.