Individual Term Life Product Outline

Summary of Changes

(Last Updated July 8, 2024)

  1. Section II.A.4 (Filings Must be Submitted Through the System for Electronic Rates and Forms Filing (“SERFF”)), formerly Filings Must be Submitted Through State Electronic Rate and Forms Filing System (“SERFF”), has been revised for consistency with other posted outlines to correct the reference to the System for Electronic Rates and Forms Filing name and the effective date of the regulation.
  2. Sections II.A.4(b) (Filings Must be Submitted Through the System for Electronic Rates and Forms Filing (“SERFF”)); II.A.4(c) (Filings Must be Submitted Through the System for Electronic Rates and Forms Filing (“SERFF”)); II.C.9 (Circular Letter No. 8 (1999)), formerly section II.C.8; II.D.1 (Filing Basis); and II.E.1 (Readability Certification) were revised to include embedded links to guidance posted on the Department’s website.
  3. Section II.B.4(d) (Filing of Non-English Versions of Forms) was revised to assist insurers with the content of the officer certification and for consistency with other posted outlines.
  4. Sections II.B.4(d) (Filing of Non-English Versions of Forms), III.D.12(d) (Additional Standard Provisions for Indeterminate Premium Policies), and III.E.2(c) (Term Products with Nonforfeiture Value) were revised to correct statutory citations.
  5. Section II.C.2 (Bar Codes and QR Codes) was added, consistent with other posted outlines, to address bar codes and QR codes.  Sections II.C.2, II.C.3, II.C.4, II.C.5, II.C.6, II.C.7, and II.C.8 were renumbered as II.C.3, II.C.4, II.C.5, II.C.6, II.C.7, II.C.8, and II.C.9, respectively.
  6. Sections II.C.5(a) (Application), II.D.2(c) (Compliance with Section I.G. of Circular Letter No. 6 (1963)), II.D.2(d) (Compliance with Section I.G. of Circular Letter No. 6 (1963)), II.D.2(e) (Compliance with Section I.G. of Circular Letter No. 6 (1963)), II.D.7 (Sex-Distinct/Unisex), and II.D.11 (Resubmissions) were revised to indicate that the Department file number should be provided for referenced forms in other submissions.
  7. Section II.C.5(c) (Application), formerly section II.C.4(c), was revised, consistent with other posted outlines, to remind insurers that, if applicable, separate indeterminate premium notices must be submitted for approval.
  8. Section II.D.5(c) (Explanation of Unique Features and Markets) was added to remind insurers to include in the SERFF Filing Description the information discussed in Circular Letter No. 6 (2023) and the corresponding Filing Guidance.
  9. Sections II.D.7 (Sex-Distinct/Unisex) and III.F.8(d) (Policies for the Section 403(b) Market), were clarified to reference “employer-employee situations” rather than “employer-employee groups” to prevent any confusion with group life insurance.
  10. Section II.E.1 (Readability Certification) was revised to remind insurers that all fields in the readability certification must be completed.
  11. Section II.F (Key References) was expanded for completeness.
  12. Section III.D.4 (Reinstatement) was renumbered as III.D.4(a) and section III.D.4(b) was added, consistent with other posted outlines, to remind insurers that evidence of insurability upon reinstatement must be the same, or comparable to, the evidence of insurability required at issue to prevent the insurability requirements from rendering the statutory reinstatement right illusory.
  13. Section III.D.5 (Incontestability After Reinstatement) was revised, consistent with other posted outlines, to clarify contestability upon reinstatement.
  14. Section III.D.12(a) (Additional Standard Provisions for Indeterminate Premium Policies) was revised for clarity as well as consistency with section II.C.5(c) and other posted outlines.

Note: Additional formatting changes or technical/stylistic changes of a non-substantive nature may have also been made.