Understanding

Understanding

“During the course of….we ascertained that there were very few people within the Federal Government with an understanding of the insurance industry.  

A staff memo…stated: “It appears that for many years the workings of the life insurance business have been misunderstood by those at the [Internal Revenue Service and Justice Department] associated with the question.”  — Chairman LaFalce

1979 – GOV, Small business problems with insurance

“Let’s go back to the question of understandability.

With no standardized format being utilized, many of the illustrations currently in use are far too complex for the average consumer or applicant to understand.

In many cases the selling agent does not understand what he is presenting, and this needs to be addressed.”

— MR. ROBERT E. WILCOX, NAIC Chairman – Illustrations Working Group

1994 SOA Problems and Solutions for Product Illustrations