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Universal Life Insurance Model Regulation
Edition and licensing notes
Publisher. National Association of Insurance Commissioners (NAIC)
Status. NAIC model regulation, © NAIC. Brief definitional quotations used under fair use; not the enacted law of any state until adopted.
What this document is
Universal Life Insurance Model Regulation is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- NAIC Model #585: Section 3D (Definitions: Flexible premium universal life insurance policy)
“a universal life insurance policy which permits the policyowner to vary, independently of each other, the amount or timing of one or more premium payments or the amount of insurance.”
- NAIC Universal Life Insurance Model Regulation § 4 (Scope)
“This regulation applies to all individual universal life insurance policies except variable universal life.”
- NAIC Model NAIC 585: Section 3D (Flexible Premium Universal Life)
“means a universal life insurance policy which permits the policyowner to vary, independently of each other, the amount or timing of one or more premium payments or the amount of insurance.”
- NAIC Model NAIC 585, Section 7C (Policy Guarantees)
“Policy Guarantees The policy shall provide guarantees of minimum interest credits and maximum mortality and expense charges. All values and data shown in the policy shall be based on guarantees.”
- NAIC Model NAIC 585, Section 5 Endnote 2 (Guaranteed Maturity Premium Corridor Adjustment)
“The Guaranteed Maturity Premium for both flexible and fixed premium policies shall be adjusted for death benefit corridors provided by the policy.”
- NAIC Universal Life Insurance Model Regulation § 9A (Periodic Disclosure to Policyowner, Requirements)
“The policy shall provide that the policyowner will be sent, without charge, at least annually, a report which will serve to keep such policyowner advised of the status of the policy.”
- NAIC Universal Life Insurance Model Regulation § 7F (Grace Period and Lapse), first paragraph
“The policy shall provide for written notice to be sent to the policyowner’s last known address at least thirty (30) days prior to termination of coverage.”
- NAIC Universal Life Insurance Model Regulation § 6C (Minimum Paid-Up Nonforfeiture Benefits)
“If a universal life insurance policy provides for the optional election of a paid-up nonforfeiture benefit, it shall be such that its present value shall be at least equal to the cash surrender value provided for by the policy on the effective date of the election.”
- NAIC Universal Life Insurance Model Regulation § 7B, Current Illustrations
“Current Illustrations The annual report shall provide notice that the policyholder may request an illustration of current and future benefits and values.”
- NAIC Universal Life Insurance Model Regulation § 7E (Mandatory Policy Provisions, Changes in Basic Coverage)
“If the policyowner has the right to change the basic coverage, any limitation on the amount or timing of such change shall be stated in the policy. If the policyowner has the right to increase the basic coverage, the policy shall state whether a new period of contestability and/or suicide is...”
- NAIC Universal Life Insurance Model Regulation § 5A (guaranteed maturity premium, flexible premium policies)
“The guaranteed maturity premium for flexible premium universal life insurance policies shall be that level gross premium, paid at issue and periodically thereafter over the period during which premiums are allowed to be paid, which will mature the policy on the latest maturity date, if any,...”
- NAIC Universal Life Insurance Model Regulation (#585) § 3H (definition of universal life insurance policy)
““Universal life insurance policy” means a life insurance policy where separately identified interest credits (other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts) and mortality and expense charges are made to the policy. A universal life...”
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