Suitability

  • 2000 - NAIC - Suitability of sales of life insurance and annuities - 33p
  • Suitability and Best Interest in Life Insurance and Annuity Transactions - Regulation 187 - New York State Department of Financial Services Insurance  (11 NYCRR 224)

Law Reviews

  • 2002 - MY CUSTOMER'S KEEPER: THE SEARCH FOR A UNIVERSAL SUITABILITY STANDARD IN THE SALE OF LIFE INSURANCE. Richard J. Wirth, Western New England Law Review - 51p
  • 2013 - Suitability and Non-Maleficence: A Proposal for Insurance Producer Regulatory Reform, Mark Franke, Loyola - 35p

Legal Cases

  • 1958 - Knox v Anderson , Hawaii
  • 2010 - Pike v New York Life, New York

Mr. Adams asked if it was the intent of the working group to consider placing the burden of suitability on the company.

  • He said the draft language speaks of using a correct illustration, without emphasizing whether the illustration is of a policy that is right for the policyholder.

1994-3, NAIC Proc. 

  • Suitability Working Group - NAIC
    • 2000-1
    • Suitability of Sales of Life Insurance and Annuities - NAIC - pdf
    • The working group reviewed the white paper (Attachment Four-B)
    • 1999-4v2, Suitability Working Group

FIND: NAIC notes, 1,2,3,

  • Universal Life might well be a more appropriate product than Adjustable Life for the very sophisticated, very high premium, as you mentioned, product or sale.
  • However, I think that there is a major segment out there where Universal Life Just would not fit.
  • Universal Life seems to be taking a giant step forward.
  • Adjustable Life may be a reasonable middle ground which our agents and our potential policyholders can understand a little bit better than the Universal Life concept at the present time.

-- Spencer Koppel

1979 - FUTURE TRENDS AND CURRENT DEVELOPMENTS IN  INDIVIDUAL LIFE PRODUCTS, Society of Actuaries, rsa79v5n44 - 24p 

  • John Montgomery (Calif.) said that complicated products <Universal Life, etc> are not understood by the typical applicant.
  • Commissioner Wilcox said that a "typical applicant" for a sophisticated policy should be a sophisticated applicant, and he acknowledged that the wording might need to be clarified in that instance.

1994-3 - NAIC Proceedings