Premium - Regulator - Universal Life
- Commissioner Hager of the Universal & Other Plans (A) Task Force stated that there appeared to be disclosure problems with universal life plans and that the identification of these items should be placed on the Actuarial Task Force agenda.
- Some of the items identified which should be disclosed:
- (2) adequate disclosure of the fact that a premium quoted will not support the contract for the whole life if the policy is a universal life policy;
1988-2, NAIC Proceedings - Universal Life Insurance Model Regulation, Proceeding Citations
- Roger Strauss (Iowa) said a fundamental issue was that the consumer realize that the premium is being paid from someplace.
- He said that was the most important issue to him and if it were to be included in the basic illustration then he would want to show the numbers with an asterisk beside them saying that they were being paid from other than the consumer's pocket.
1995-1, NAIC Proceedings