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| Author: | Allegretti, C. S. Katz, J. R. Kosierowski, F. M. |
| Title: | Making Insurance Illustrations Easier to Understand |
| Journal: | Journal of Accountancy
1997 : OCT, Vol. 184:4, p. 45-46, 48, 50 |
| Index terms: | INFORMATION INSURANCE CONSUMER CHOICE |
| Language: | eng |
| Abstract: | Two organizations are trying to improve both the quantity and the quality of information a client receives when considering the purchase of a life insurance policy. The National Association of Insurance Commissioners (NAIC) has adopted the Life Insurance Illustrations Model Regulation, which mandates what must be included in an insurance illustration and how insurance agents can use illustrations in the sales process. The American council of Life Insurance (ACLI) has formed the Insurance Market-place Standards Association (IMSA), a self-regulatory organization to promote the ACLI's principles of ethical market conduct. These steps, which are intended to crub the abuses of the past, should make it easier for CPAs to answer client questions about proposed coverage. |
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