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Replacement of Life Insurance: A Financial Approach

Peter R. Kensicki
The Journal of Risk and Insurance
Vol. 41, No. 2 (Jun., 1974), pp. 207-219
DOI: 10.2307/252171
Stable URL: http://www.jstor.org/stable/252171
Page Count: 13
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Replacement of Life Insurance: A Financial Approach
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Abstract

In seeking a solution for the problem of "twisting" life insurance policies, the NAIC followed in the path of full disclosure. Full disclosure laws seek to provide the consumer with as much relevant information as possible without interfering with the consumer's right to make the final decision. The NAIC Model Life Insurance Replacement Regulation adopted was a good first step toward providing the consumer with good, relevant information. This paper develops a new financial disclosure section for the Model Regulation and suggests a modification in procedures under the Regulation. Both the new section and the modified procedure seek to provide the consumer with more relevant information and more adequate protection against a "twist."

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