People also ask
What is the appropriate use of a policy illustration?
A policy illustration shows how the policys value is expected to change over time and what assumptions those values are based on. A disability policy illustration will also show the waiting period before benefits become payable and describe the conditions that must be met for the policy to payout.
What does illustration mean in a life insurance policy?
Issue: One of the disclosures available to life insurance consumers is the life insurance illustration. An illustration is a presentation or depiction provided to prospective or new policy owners that shows how the policy should perform under specific circumstances set out in the illustration.
What is the main purpose of the regulation on life insurance policy illustrations?
What is the main purpose of the regulation on life insurance policy illustrations? To help the public make educated decisions about buying life insurance. Who must have insurable interest in the insured?
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