Illustrations - Cost
- Until the buyer understands how the product works, attempts to compare price are essentially meaningless.
1972 - SOA - Life Insurance and the Buyer, by Anna Rappaport, Society of Actuaries - 2p-Article
- Walker v LSW
- Judge, Defense Attorney
- GOV - no room on page
- New York - OGC Op. No. 07-08-11 - The Office of General Counsel issued the following opinion on August 29, 2007 representing the position of the New York State Insurance Department.
- → RE: Individual Life Insurance, Sales Illustrations and Insurer Restrictions on Agents
- Questions Presented:1. Do the illustrations currently used by life insurers adequately inform prospective insureds of the cost of individual insurance policies?
- Conclusions: 1. Yes, in the Insurance Department’s estimation, the illustrations as required by N. Y. Ins. Law § 3209 (McKinney 2006) and detailed in N.Y. Comp. Codes R. & Regs. tit. 11, Sub-Parts 53-2 & 53-3 (Regulation 74) adequately inform prospective insureds of the comparative cost of various individual life insurance policies.