1991-1A

1991-1A

(549)
LIFE INSURANCE DISCLOSURE MODEL REGULATION
ADOPTED DRAFT 12/5/90

 

(361/396)
Interrogatory 13 – Non-guaranteed Elements
This question related to the redetermination of non-guaranteed elements in individual life insurance and annuity
contracts which provide for the adjustment of benefits, premiums or charges from time to time. For purposes of this
question, the term “determination” shall mean both determination at issue and subsequent redetermination.
The specific types of business encompassed by this question include, but are not limited to, the following types of
contracts if they contain non-guaranteed elements:
1. Single and periodic premium deferred annuities.
2. Universal Life contracts providing for fixed and/or flexible premiums.
3. Adjustable periodic premium life contracts, also known as indeterminate premium life contracts.
4. Single and periodic premium life contracts.
5. Renewable and convertible term insurance contracts which do not guarantee the premiums payable upon renewal,
or which provide for renewal on the then current premium basis. (563)
Superintendent Stokes concurred, stating that she has
serious problems with providing the disclosure form after the consumer has made a decision to purchase the policy. She did
not feel the free-look period was an acceptable substitute for giving the disclosure information at an earlier time.