Mike Yanacheak

  • g. Clarifying “Coverage Period Description”
    • The Working Group discussed what information is intended to be included.
    • 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.

2019 0917 - NAIC - LIIIWG - Life Insurance Illustrations Issues Working Group - Proceedings (Fall, 6-77) - Cost of Insurance  ---  [BonkNote]