Guidelines On Applications For Approval Of New And Repackaged Life Insurance Products
At least on an annual basis, an insurer selling Universal Life polices must provide, without charge, a report/statement representing the status of the policy. The report/statement must include the following information; 1. The opening and closing dates of the period being reported. 2. The opening and closing policy values for the period being reported 3. Details of each amount identified by type, (for example monthly premiums paid, charges and interests) debited and credited to the policy value during the period of the report/statement. 4. The current death benefit on each life covered by the policy. 5. The policy’s net cash surrender value, if any.