The narrative summary consists of:

(1) a brief description of the policy being illustrated and the statement that the policy being illustrated is a life insurance policy;

(2) a brief description of the premium outlay or contract premium as applicable for that policy;

(3) a guaranteed maturity premium to keep the policy in force for all policies that do not require contract premiums, typically universal life policies, assuming no loans or withdrawals;

(4) a brief description of the policy features, supplemental benefits and riders on the policy being illustrated;

(5) identification and a brief description of the columns and key terms used in the illustration; and

(6) a statement similar in substance to the following:

• “This illustration assumes that the nonguaranteed elements illustrated will continue unchanged for all years shown.
  • This is not likely to occur and actual results may be more or less favorable than those shown.”

If the premium calculated exceeds the guideline level premium, then it does not have to be shown.

However, the illustration must clearly disclose that the guideline level premium will not fund the contract to maturity based on the guaranteed assumptions.

• If the premium calculated exceeds the guideline level premium and you determine that you want to show it, then the insurer must disclose that the premium is in violation of the guideline premium test.
• You are free to choose any type of premium paying period in calculating the guaranteed maturity premium.

--  David N. Karo

1996 - SOA - Implementing the Illustration Regulation: The Clock Is Ticking, Society of Actuaries - 25p