Problems - 1

  • Leslie Scism Article
  • NAIC Proc. LIAC - Doug, Kim O'Brien
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It was suggested that disclosure requirements be placed in the illustrations section of the models as well as in the contract itself.

  • 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 Proc. II 566. - Universal Life Model Regulation - Legislative History

  • The agent said that Universal Life policy premiums would stay the same, but I came to realize that this is not true of our policies.
  • ...what bothers me is that I am afraid that this same misleading information may be the basis of my children's and grandchildren's ... planning...

--  Statement of Gloria Darleen Newberry

1993 - GOV (Senate) - When Will Policyholders Be Given The Truth About Life Insurance - [PDF-354p