Illustrations – Questions

 Illustrations – Questions

Question:  Should Illustrations be used to compare poilcies? What is the purpose of Illustrations?

YES – “Mr. Foley <Commissioner> responded that, if consumers want to compare policies, they have the illustrations to do so.
1999-4 NAIC Proceeding

NOW

YES – NAIC Working Group Actuary, Illinois? 

NO – Texas Insurance Commission Rep?  “I hope not.”

NAIC

1996-4 1006  – “Commissioner Wilcox said that he admitted that the working group had gotten a little sloppy on its terminology, but it had been clear all along that the working group was focusing on sales.”

Question: What terminology did he think was “sloppy?”