Tennessee § 56-7-502 - Contingent and mortality endowment contracts — Promising particular number or position in class or to division to policyholder prohibited — Penalty.
Full text of Tennessee Tennessee Code Annotated § 56-7-502 — Contingent and mortality endowment contracts — Promising particular number or position in class or to division to policyholder prohibited — Penalty., with citation guidance and answers to common questions.
§ 56-7-502. Contingent and mortality endowment contracts — Promising particular number or position in class or to division to policyholder prohibited — Penalty.
No agent or organizer of any life insurance company, fraternal benefit society, order or association referred to in § 56-7-501 shall promise any particular number or position in class or division to any existing policyholder of contingent or mortality endowment contracts, as described in § 56-7-501. For violation of this section, agents shall be subject to revocation of license or shall pay a fine of fifty dollars ($50.00) on each individual violation, following a hearing before the commissioner; and, in the commissioner's discretion, the company that the agent represents shall be liable, following repeated violations by its agents operating in this state, to a fine not exceeding a total of two hundred fifty dollars ($250) in the commissioner's discretion following a hearing. Acts 1939, ch. 31, § 2; mod. C. Supp. 1950, § 6459.2; impl. am. Acts 1971, ch. 137, § 2; T.C.A. (orig. ed.), § 56-1126.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-7-502
What does Tennessee Code Annotated § 56-7-502 cover?
Section 56-7-502 ("Contingent and mortality endowment contracts — Promising particular number or position in class or to division to policyholder prohibited — Penalty.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-7-502?
A common citation format is "Tennessee Code Annotated § 56-7-502" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-7-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.