September 16, 2021
Operations, Legal, and Compliance News
September 16, 2021
Whole Life Conversion product update
Effective September 25, American Elite Whole Life 2 will be updated due to regulatory changes. This product is only used for term conversions and contractual paid-up policy provisions.
Monthly Guarantee Premium (MGP) provision reminder
MGP “guarantees” help prevent IUL policies from lapsing due to poor index performance during the guarantee period. We’ve provided a reminder on how the guarantee may be affected when a policy lapses.
Regulatory Compliance requirement regarding IUL illustration date
Please note new illustration requirements for both new cases and term conversions (IUL), and action required when submitting a revised illustration on a pending case (IUL and/or GUL).
Reminder: Accelerated death benefit claims by foreign nationals
Specifically, if coverage includes an accelerated death benefit rider and a claim is requested from inside or outside the United States, the claim must be certified by a U.S. physician practicing in the state where the physician is licensed.
Flyer for Professional Athlete coverage updated
An underwriting flyer regarding life insurance coverage for Professional Athletes and Sports Teams/businesses has been updated to clarify criteria for team/business policies.
Policy review reminder email to policy owners
Beginning September 20, policy owners who have signed up to receive email communications will be emailed a simple reminder to review their policies and ensure their information is up to date.
Important information for insureds in Tennessee
To support customers in Tennessee who may be affected by recent severe weather, temporary suspensions are in effect on lapses, terminations, cancellations, and other time-sensitive provision requirements.
1 (800) 772-6881 x7731 | firstname.lastname@example.org