Mike Yanacheak

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]