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SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez notre Politique de confidentialité et nos Conditions d’utilisation pour en savoir plus.
AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.
Regulation 60 in the Life Insurance IndustryInsurance companies are regulated both by the federal government and the state government.These regulations are designed to protect the integrity of a company as well as consumer rights.Regulation 60 is a consumer protection law in the State of New York that pertains to thereplacement of life insurance and annuity contracts. Regulation 60 requires that insurancecompanies give out specific information and disclosure to consumers wanting to replace theirexisting policy with a new one.Agents are required to submit a “Definition of Replacement” form for every life insurance or lifeannuity sale. When a replacement is proposed that would cause the buyer to surrender, lapse orchange the status of an existing policy, the replacing company must prepare a comparativeanalysis of the existing and proposed life insurance policies for the buyer. The process usuallytakes about three weeks. The agent and policy holder must review the form and both partiesmust sign the disclosure to verify that all parties have understood the requirements and havesigned off in agreement.Regulation 60 Protects ConsumersThe main goal of Regulation 60 is to make sure consumers understand why they are replacingtheir existing policy for a new one. Life insurance jargon is, typically, difficult for the averageconsumer to understand. Regulation 60 enables consumers to make a side-by-side comparativestudy of the features of the existing life insurance product against the features of the proposedpolicy, in a format that is easy to read and understand. Regulation 60 includes projections andadditional disclosures that include the main reason why the policy is being replaced and why theexisting policy does not meet the applicant’s needs.With recent cases of abuse of investors’ interest being reported, Regulation 60 protects buyersfrom making an unwise decision choice. It protects the consumer from misrepresentation of apolicy, misleading sale tactics, ambiguous terms, and falsified comparisons. Regulation 60 forcesinsurers to inform their clients about the pros and cons of a life policy so that consumers are ableto make an informed decision.Before You Replace Your Old Life Insurance PolicyWhile it is good to review your life insurance policy periodically, frequent changing of lifeinsurance policies is not usually recommended since insurance products incur heavy upfrontexpenses. Very often, your existing life insurance carrier may be able to incorporate the changesyou desire into your existing contract. In any case, you should consult your tax advisor to check ifthere are any unfavorable implications associated with the replacing of your existing life insurancepolicy with a new one.Get Great Life Insurance Quotes Online and CompareWith that said, there are may be life insurance products that can offer you significantly betterbenefits than your existing policy. With online life insurance quote providers, you can easily checkout multiple life insurance quotes from the best life insurance carriers, for free and without anyobligations. Comparative studies make it easier for you to review product features and make aninformed decision.Replacing your existing life policy with a new one may be a good decision, or it may be a badone. Make sure you understand the facts and study carefully the disclosure statement tocomprehend the advantages and the disadvantages a change in policy would entail.