Starters - Illustrations

  • "future benefit illustrations"

1988-2, NAIC Proc

  • ….provide illustrations based on different assumptions. This would serve to demonstrate to the consumer the effect on future benefits of changes in assumptions.

-- STATEMENT ON BEHALF OF <ACLI> THE AMERICAN COUNCIL OF LIFE INSURANCE TO THE NAIC MARKET CONDUCT SURVEILLANCE (EX3) TASK FORCE, June 13, 1988

1988-2, NAIC Proceedings

What is in a policy illustration?

A policy illustration is meant to provide an example,
based on certain assumptions, of how a policy’s costs
and benefits may develop over time—including, but not
limited to, premium amounts owed, cash values, and
death benefits.

Current - ACLI - What You Should Know About Buying Life Insurance

  • He <Birny Birnbaum> disagreed with Mr. Lovendusky <ACLI>  that an accompanying illustration would reduce the complexity of products for consumers.
    • He said illustrations add to the complexity.

2017/11/16 - LIIIWG CC, Richard Wicka, Chair, 2017-3, NAIC Proceedings