When Will Policyholders be Given the Truth about Life Insurance?: Hearing Before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred Third Congress, First Session on Examining State Regulations and the Adequacy of Information Available to Consumers of Life Insurance, May 25, 1993, Volume 4 |
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ACTION TO DATE actuaries advertisement advice Annual Premium assuming assumptions basic policy basis Buyer's Guide Cash Surrender Value cash value Chart column Commissioner competition CONGRESS THE LIBRARY contract credits death benefit disclosed effect expense charges extra benefit riders Fair Trading filled fixed premium universal free look IFAs independent financial advisers insert amount insurance company insurance policy insurance products interest rates investor issue KEATING LIBRARY OF CONGRESS LYONS Model Regulation Service mortality charge NAIC nonguaranteed factor option payable period policy illustrations policy information statement policy language policy owner policy summary policy value policyholder policyowner premium payment projections purchased RAKICH rules of SIB Schedule Section Senator METZENBAUM Senator THURMOND shown as zero SIB and LAUTRO surrender charge surrender penalties term insurance tied agents Unit Trust universal life insurance universal life policies whole life insurance with-profits policies Yield Index
Popular passages
Page 159 - This section prohibits any statements or implication to the effect that only a specific number of policies will be sold or that a time is fixed for the discontinuance of the sale of the particular policy advertised because of special advantages available in the policy, unless such is the fact.
Page 153 - Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming i Plan requirement after July 1, 1963.
Page 159 - ... periods. B. An advertisement shall not offer a policy which utilizes a reduced initial premium rate in a manner which overemphasizes the availability and the amount of the initial reduced premium. When an insurer charges an initial premium that differs in amount from the amount of the renewal premium payable on the same mode, the advertisement shall not display the amount of the reduced initial premium either more frequently or more prominently than the renewal premium, and both the initial reduced...
Page 158 - That an insurer, or a policy or an advertisement thereof, has been approved, endorsed or recommended by any individual, group of individuals, society, association, or other organization, unless such is the fact. [Guide 9] §234.10 Deception as to "group" or "quasi-group
Page 156 - ... words, phrases, statements, references or illustrations has the capacity, tendency or effect of misleading or deceiving purchasers or prospective purchasers as to the nature or extent of any policy benefit payable, loss covered or premium payable. The fact that the policy offered is made available to a prospective insured for inspection prior to consummation of the sale or an offer is made to refund the premium if the purchaser is not satisfied, does not remedy misleading statements. 2. No advertisement...
Page 156 - No advertisement shall use the terms "investment," "investment plan," "founder's plan," "charter plan," "expansion plan," "profit," "profits," "profit sharing," "interest plan," "savings," "savings plan," or other similar terms in connection with a policy in a context or under such circumstances or conditions as to have the capacity or tendency to mislead a purchaser or prospective purchaser of such policy to believe that he will receive, or that it is possible that he will receive, something other...
Page 162 - ... executed by an authorized officer of the insurer wherein it is stated that to the best of his knowledge, information, and belief the advertisements which were disseminated by the insurer during the preceding statement year complied or were made to comply in all respects with the provisions (of the insurance laws of this State as implemented and interpreted by this rule/ruling) (of this rule/ruling).
Page 135 - That, in the event of default in any premium payment, the company will grant, upon proper request not later than sixty days after the due date of the premium in default, a paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due date, of such value as may be hereinafter specified.
Page 160 - ... request. It is also inapplicable to solicitations of employees or members of a particular group or association which otherwise would be eligible under specific provisions of the Insurance Code for group, blanket, or franchise...
Page 155 - ... (c) a general announcement from a group or blanket policyholder to eligible individuals on an employment or membership list that a policy or program has been written or arranged; provided the announcement clearly indicates that it is preliminary to the issuance of a booklet explaining the proposed coverage.