buyer's guides and policies summaries

NAIC broad objectives

1. to encourage uniformity and state insurance laws and regulations. 2. to assist the administration of those laws and regulations by promoting efficiency 3. to protect the interests of policy owners and consumers. 4. cheap preserve State regulation of the insurance business.

policy summary

contains cost indexes that help the consumer evaluate the student of the recommended product. The net payment cost comparison index gives the buyer and idea of the cost of the policy at some future point in time compared to the death benefit. The surrender cost comparison index compares the cost of surrounding the policy and withdrawing the cash value at some future time.

National Association of insurance commissioners

Allstate Insurance Commissioners or directors are members of the NAIC. this organization has committees that work regularly to examine various aspects of the insurance industry and to recommend appropriate insurance laws and regulation.

because all states are interested in protecting the interests of the buying public, the action of individuals soliciting insurance sales are strictly regulated. However the laws regarding Insurance marketing and Trade Practices vary from state-to-state. As a result it is very important that you examine and understand your States laws.

SGA exist to protect consumers if an insurer becomes insolvent and are funded by insurance companies.

buyer's guide

used to ensure that perspective entrance buyers select the most appropriate plan for their needs and to improve their understanding of basic product features, Most states require it to be presented to Consumers whenever they solicit entrance sales

these guides explain various types of life insurance products including variable annuities, in a way that the average consumer can understand. In addition, a policy summary containing information about the specific policy being recommended must be given to a potential buyer.

it identifies the agent, the insurer, the policy, and each writer, and includes information about premiums, dividends, benefit amounts, cash surrender values, policy loan interest rates, and life insurance cost indexes of the specific policy being considered. Most states require this to be done before the applicants initial premium is accepted.