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

SECTION 27-62-1

   § 27-62-1  Purpose. – The purpose of this chapter is to provide rules for life insurance policyillustrations that will protect consumers and foster consumer education. Thechapter provides illustration formats, prescribes standards to be followed whenillustrations are used, and specifies the disclosures that are required inconnection with illustrations. The goals of this chapter are to ensure thatillustrations do not mislead purchasers of life insurance and to makeillustrations more understandable. Insurers will, as far as possible, eliminatethe use of footnotes and caveats and define terms used in the illustration inlanguage that would be understood by a typical person within the segment of thepublic to which the illustration is directed.