Ins 2.13(7)(b)(b) Each modified guaranteed life insurance policy form filed for approval shall contain all of the following: Ins 2.13(7)(b)1.1. A cover page, or pages corresponding to a cover page, which shall include all of the following: Ins 2.13(7)(b)1.a.a. A prominent statement that cash values may increase or decrease in accordance with the market-value adjustment formula. Ins 2.13(7)(b)1.b.b. A captioned notice that the policyholder may return the policy within 10 days of its receipt, and receive a refund equal to the sum of (i) the difference between premiums paid, including policy fees and other charges, and the amounts allocated to any separate accounts under the policy, and (ii) the value of the amounts allocated to any separate accounts under the policy, on the date the insurer or its agent receives the returned policy, as determined by the market-value adjustment formula. Ins 2.13(7)(b)1.c.c. Any other item required by statute or administrative rule for fixed benefit life insurance policies which is not inconsistent with this section. Ins 2.13(7)(b)2.2. If settlement options are provided, a provision that at least one of the options shall be provided on a fixed basis only. Ins 2.13(7)(b)3.3. A description of the basis for computing the cash value and the surrender value under the policy. Ins 2.13(7)(b)4.4. A separate statement of premiums or charges for incidental insurance benefits. Ins 2.13(7)(b)6.6. Any other item required by statute or administrative rule for fixed benefit life insurance policies which is not inconsistent with this section. Ins 2.13(7)(b)7.7. A provision for nonforfeiture insurance benefits. The insurer may establish a reasonable minimum cash value below which any nonforfeiture insurance options will not be available. Ins 2.13(7)(c)(c) Each modified guaranteed life insurance policy issued in this state shall provide that the policyholder may borrow at least 75% of the policy’s cash surrender value after the policy has been in force for at least 3 years unless the policy includes a policy loan provision that is no less favorable to the policyholder. Each policy loan provision shall provide all of the following: Ins 2.13(7)(c)2.2. The insurer shall deduct any indebtedness from the proceeds payable on death. Ins 2.13(7)(c)3.3. The insurer shall deduct any indebtedness from the cash surrender value upon surrender or in determining any nonforfeiture benefit. Ins 2.13(7)(c)4.4. For scheduled premium policies, whenever the indebtedness exceeds the cash surrender value, the insurer shall give notice of any intent to cancel the policy if the excess indebtedness is not repaid within 31 days after the date the notice is mailed. For flexible premium policies, whenever the total charges authorized by the policy that are necessary to keep the policy in force until the next policy processing day exceed the amount available under the policy to pay those charges, the insurer shall mail the policyholder a report containing the information specified in par. (g) 2. Ins 2.13(7)(c)5.5. If the policy specifies a minimum amount which may be borrowed, the minimum may not apply to any automatic premium loan provision. Ins 2.13(7)(c)6.6. The policy loan provision does not apply if the policy is under an extended insurance nonforfeiture option. Ins 2.13(7)(c)7.7. A policyholder who has not exercised the policy loan provision may not be disadvantaged by exercising it. Ins 2.13(7)(c)8.8. Upon the exercise of any policy loan provision, the insurer shall withdraw from the separate account the amount paid to the policyholder and shall return that amount to the separate account upon repayment, except that a stock insurer may provide the amount for a policy loan from the general account. Ins 2.13(7)(d)(d) A modified guaranteed life insurance policy or related form issued in this state may, in substance, include one or more of the following provisions: Ins 2.13(7)(d)1.1. An exclusion for suicide within 2 years after the date the policy takes effect, except that, if the policy includes an increased death benefit as a result of the policyholder’s application after the date the policy takes effect, the exclusion applies only to the amount of the increased benefit. Ins 2.13(7)(d)3.3. If the policy is issued on a participating basis, an offer to pay dividends in cash and other dividend options. Ins 2.13(7)(d)4.4. A provision allowing a policyholder to elect in writing, either in the application or after issuance of the policy, an automatic premium loan on a basis not less favorable than the requirements under par. (c), except that the insurer may restrict this provision to the payment of not more than 2 consecutive premiums. Ins 2.13(7)(d)5.5. A provision allowing the policyholder to make partial withdrawals. Ins 2.13(7)(e)1.1. An insurer issuing any modified guaranteed life insurance policy in this state shall, before or at the time the application is taken, deliver to the applicant and obtain from the applicant a written acknowledgment of receipt of all of the following information: