- 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.
-- LEONARD E. ODELL
1981 - Universal Life, Society of Actuaries