Policy Summary

"The <ACLI's> Council's Subcommittee on Cost Comparisons has
proposed that cost disclosure requirements for universal life plans be
generally similar to those for traditional life insurance plans as provided
by the NAIC Model Life Insurance Solicitation Regulation. In addition, the
Subcommittee is recommending disclosure for universal life plans in accordance with the "non-guaranteed cost element" concept endorsed by the Council
as a modification to the model regulation. The only special requirement
recommended for universal life plans is that the Policy Summary indicate
when the plan will terminate based on guaranteed assumptions. No post-sale
disclosure requirements were deemed appropriate at this time."  MR. LEONARD E. ODELL
1981, Universal Life, Society of Actuaries