1993-1, NAIC Proceedings

1993-1, NAIC Proceedings

• LIFE INSURANCE (A) COMMITTEE
• Monitor the activity of the Life Disclosure Working Group as it considers establishing requirements for policy illustrations or ledger information disclosed or made available to consumers of life insurance.
• Review the appropriate time for delivery of the Guide to Buying Life Insurance After Age 60.
• Survey consumers to evaluate the effectiveness of Life Insurance Buyer’s Guide.  (p21) 

1993-1, NAIC Proceedings

• 4. Establishing Methodology for Reviewing the Appropriate Time for Delivery of the Guide to Buying Life Insurance After Age 60
• Superintendent Robert Willis (D.C.) stated his opinion that the sale of life insurance was a discovery process that could be harmed by disclosure of too much information too early in the process.
  • He thought there was not value in disclosure at the point of application.
• Mary Alice Bjork (Ore.) agreed that disclosure at the point of application or even delivery was not very helpful.
  • In her experience, most purchasers bought because they had confidence in the agent selling the life insurance.  (p250)

1993-1, NAIC Proceedings