2010s - NAIC - Insurance Commissioners - Premium, Costs, Values and Benefits

  • g. Clarifying “Coverage Period Description
    • Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life.
    • Mr. Birnbaum said it is intended to answer the question: If I pay my premium, this policy will cover x amount of time.
    • Mr. Wicka suggested, and the Working Group agreed, to the following revised language to Section 5A(2)(e)(iii): (iii) Indicate whether it is a term or permanent policy. If it is a term policy, indicate the length of the initial term.
  • 1. Discussed Additional Data Elements for Universal Life Policies Risk Classes UL - Description of Premium, premium pattern,
    • Mr. Wicka said the intention was to keep it simple.
    • He said it was drafted with term policies in mind, but could be revisited in the universal life context, where premium structures can be more complex.

2018 0314 - LIIIWG CC

  • Director Cameron asked whether CIPR developed resources for producers to use that could help explain complex products Mr. Karapiperis said that was not a current focus of CIPR.

2018-3, NAIC Proc.