Applicability and scope

This chapter is intended to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. As far as possible, insurers will eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed. This chapter applies to all group and individual life insurance policies and certificates except: 1. Variable life insurance; 2. Individual and group annuity contracts; 3. Credit life insurance; or 4. Life insurance policies with no illustrated death benefits on any individual exceeding ten thousand dollars.