Problems - 1
- Leslie Scism Article
- NAIC Proc. LIAC - Doug, Kim O'Brien
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