Life Insurance Basics
What must a life insurance illustration be labelled under New York's illustration rules?
Answer and explanation
Answer: D. Regulation 74 requires the document to be clearly labelled a life insurance illustration and to carry the insurer's name, producer information, the proposed insured, the underwriting classification, the policy name and form number, the initial death benefit and the dividend election. A policy summary is a different document.Source: New York Reg. 74, 11 NYCRR 53-3.2 — 11 NYCRR 53-3.2
More life insurance basics questions
- Why does paying premiums monthly cost more over a year than paying annually?
- Why is a copy of the application attached to the life insurance policy when it is issued?
- Why is a variable life policy regulated by more than the state insurance department?
- Why is the premium on a participating policy commonly higher than on a comparable nonparticipating policy?
- A business owner needs cash within days and holds a whole life policy with substantial value. How does liquidity serve here?
- A client has a large mortgage and wants the family to stay in the house. How is that reflected in the lump-sum calculation?
621 New York questions like this one.
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