Application To Contain Certain Information

Application To Contain Certain Information The fact that a promissory note is to be executed by the insured must be set forth in the application preceding the applicant’s signature, showing the amount of the note, the rate of interest, the amount of any down payment, and, if applicable, the fact that the note becomes due and payable in full upon any default in premium payment. If a note is taken to finance less than the full first year premium, the balance must be paid by the applicant at the time the application is taken, and the premium payment frequency must be set forth in the application.