Disclosure

Disclosure

“I. Objectives of the New (A) Committee””a. Simple disclosure form for universal type life products, as well as other simplified cost disclosure methods.”
1982-2, NAIC Proceedings

“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.”

“The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were.”

“Some of the items identified which should be disclosed: (1) what is guaranteed versus what is not; (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; (3) disclosure of the guaranteed surrender values on a flexible premium policy”

1988-2 NAIC Proceedings, p566.

Pg 820

“In the state of Maryland, a recently enacted disclosure regulation has two special features.”

“First, there must appear a statement in the disclosure form which warns that any oral statement of the agent

should be considered in the purchase decision, but only if it is reduced to writing and given to the applicant.” Bill Snell

1977, Cost Disclosure, Society of Actuaries

1979  – GOV – FTC STUDY OF LIFE INSURANCE COST DISCLOSURE – Cannon – 592p 

1992  – GOV – Consumer Disclosure of Insurance 323p

2001-4 V1 – NAIC – Do Product Disclosures Inform and Safeguard Insurance Policyholders 11p