Illustrations – COI – Cost of Insurance

  • … the Court likewise discerns no bad faith in LSW’s decision to illustrate policy performance net of fees rather than to illustrate those fees as separate line items in all instances.

2015 0415 – LC – Document 791 – Order Regarding Post-Jury Trial UCL Proceedings Judge Selna – 75p  —  [BonkNote]

  • Walker v LSWJudge, Defense Attorney
  • GOV – no room on page
  • New York – OGC Op. No. 07-08-11 – The Office of General Counsel issued the following opinion on August 29, 2007 representing the position of the New York State Insurance Department.
  • → RE: Individual Life Insurance, Sales Illustrations and Insurer Restrictions on Agents
    • Questions Presented:1. Do the illustrations currently used by life insurers adequately inform prospective insureds of the cost of individual insurance policies?
    • Conclusions: 1. Yes, in the Insurance Department’s estimation, the illustrations as required by N. Y. Ins. Law § 3209 (McKinney 2006) and detailed in N.Y. Comp. Codes R. & Regs. tit. 11, Sub-Parts 53-2 & 53-3 (Regulation 74) adequately inform prospective insureds of the comparative cost of various individual life insurance policies.
  • The advisory committee requested that if the time value of money is shown, they would like the cost of insurance to be disclosed to the consumer as well.

1991-1A, NAIC – Life Marketing Practices to Senior Citizens Working Group