Cost of Insurance
Vogt v State Farm
2017/12/13 - Mrs Vogt Deposition
19. When I recommend Paragon or Provider, I inform my clients in some form of words that the policies charge a cost of insurance that will increase as they grow older.
- I tell them that the policies maintain cash values, in part to offset that increasing Cost of Insurance.
-- DECLARATION OF SEAN L. COVI (Agent), 10.09198-JVS(RNBx)
Joyce Walker et al v. LIfe Insurance Company of the Southwest
- SOA - Agent - I didn't know Costs Came Out
State Georgia Tabular Cost of Insurance means the net single premium at the beginning of a policy year for one-year term insurance in the amount of the guaranteed death benefit in that policy year.
- Commissioner Lyons reported that the working group feels strongly that the disclosure form should recognize the time value of money.
- The advisory committee requested that if the time value of money is shown, they would like the cost of insurance to be disclosed to the consumer as well
1991-1A, NAIC - Life Marketing Practices to Senior Citizens Working Group
"Ironically, all the columns, figures, pages, disclaimers, and disclosures do not tell consumers what they really want to know -- What does the insurance cost? Below are my suggestions for what an illustration should tell a consumer."
--Robert Hunter, Commissioner of Insurance, Texas Department of Insurance
1994-2, NAIC Proceedings