2010s - NAIC - Insurance Commissioners - Premium, Costs, Values and Benefits
- g. Clarifying “Coverage Period Description”
- The Working Group discussed what information is intended to be included.
- Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life.
- Mr. Birnbaum said it is intended to answer the question: If I pay my premium, this policy will cover x amount of time.
- Mr. Wicka suggested, and the Working Group agreed, to the following revised language to Section 5A(2)(e)(iii): (iii) Indicate whether it is a term or permanent policy.
- If it is a term policy, indicate the length of the initial term.
2019 0917 - NAIC - LIIIWG - Life Insurance Illustrations Issues Working Group - Proceedings (Fall, 6-77) - Cost of Insurance --- [BonkNote]
- 1. Discussed Additional Data Elements for Universal Life Policies Risk Classes UL - Description of Premium, premium pattern,
- Mr. Wicka said the intention was to keep it simple.
- He said it was drafted with term policies in mind, but could be revisited in the universal life context, where premium structures can be more complex.
2018 0314 - LIIIWG CC
- Director Cameron asked whether CIPR developed resources for producers to use that could help explain complex products Mr. Karapiperis said that was not a current focus of CIPR.
2018-3, NAIC Proc.