The National Association of Insurance Commissioners (NAIC) has drafted a "Life Insurance Policy Illustration" model law that most states have adopted.Which of the following statements concerning this model law is true?
I.The policy illustration must include a narrative summary describing the basic characteristics of the policy.
II.The policy illustration must include a numeric summary showing the premium outlay,the value of the accumulation account,the cash surrender value,and the death benefit.
A) I only
B) II only
C) both I and II
D) neither I nor II
Correct Answer:
Verified
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