Oregon

  • 2. The guaranteed ending date of the policy.
    • A statement which says: Based on guaranteed interest rates, guaranteed mortality charges and the payment of the scheduled premiums, coverage will end on--------
    • RoseMarie is insisting that the Policy Schedule Page identifies the date when the policy will lapse based on paying the planned premium and guaranteed assumptions of interest and mortality rates.

Consumer Disclosure Issues Working Group of the Product Development (A) Task Force

1989-1, NAIC Proc. (p673) - [Letters/ Feedback]

  • Universal Life Premium - Why did my Life Insurance Premium Change? - [link]

 

  • Universal life bucket

  • 4. Establishing Methodology for Reviewing the Appropriate Time for Delivery of the Guide to Buying Life Insurance After Age 60
    • Superintendent Robert Willis (D.C.) stated his opinion that the sale of life insurance was a discovery process that could be harmed by disclosure of too much information too early in the process.
      • He thought there was not value in disclosure at the point of application.
    • Mary Alice Bjork (Ore.) agreed that disclosure at the point of application or even delivery was not very helpful.
      • In her experience, most purchasers bought because they had confidence in the agent selling the life insurance.  (p250)

1993-1, NAIC Proceedings

  • Rules Governing The Advertising Of Life Insurance
    • At the June NAIC meeting in Boston, the Task Force announced  that it was charged with the review of the Rules by the NAIC President Josephine Driscoll (Ore.).
    • The Oregon Division believed that revisions may be necessary to keep pace with the new generation of products.

1987-1, NAIC Proceedings