Rhode Island § 27-62-1 § 27-62-1. Purpose.

Rhode Island Statutes

§ 27-62-1 — § 27-62-1. Purpose.

Rhode Island·Title 27 Insurance·Ch. 27-62 Life Insurance Policy Illustration

§ 27-62-1. Purpose.
The purpose of this chapter is to provide rules for life insurance policy illustrations
            that will protect consumers and foster consumer education. The chapter provides illustration
            formats, prescribes standards to be followed when illustrations are used, and specifies
            the disclosures that are required in connection with illustrations. The goals of this
            chapter are to ensure that illustrations do not mislead purchasers of life insurance
            and to make illustrations more understandable. Insurers will, as far as possible,
            eliminate the use of footnotes and caveats and define terms used in the illustration
            in language that w

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§ 27-62-1. Purpose.

The purpose of this chapter is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The chapter provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this chapter are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

Rhode Island § 27-62-1 (§ 27-62-1. Purpose.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.