The National Association of Insurance Commissioners (NAIC) has drafted

The National Association of Insurance Commissioners (NAIC) has drafted a “Life Insurance Policy Illustration” model law that most states have adopted. Which of the following statements concerning this model law is (are) true?

I. The policy illustration must include a narrative summary describing the basic characteristics of the policy.
II. The policy illustration must include a numeric summary showing the premium outlay, the value of the accumulation account, the cash surrender value, and the death benefit.
A) I only
B) II only
C) both I and II
D) neither I nor II

ANSWER

Answer: C