4 Questions
What requirement must a basic illustration meet?
It must include the assumed date of payment receipt and benefit pay-out within a policy year
What is required to be labeled on the illustration?
The assumed date of payment receipt and benefit pay-out within a policy year
How should each page of the illustration be numbered?
To show its relationship to the total number of pages in the illustration
What happens if the age of the proposed insured is shown as a component of the tabular detail?
It must show the issue age plus the number of years the policy is assumed to have been in force
Test your knowledge about the requirements for creating an insurance policy illustration, including labeling with preparation date, numbering pages, and identifying assumed dates of payment receipt and benefit pay-out. Understand the components of tabular detail, such as the proposed insured's age.
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