The National Association of Insurance Commissioners has suggested that all states pass legislation requiring insurers to design their illustrations modeled after NAIC s model illustration. As of this writing over 30 states have passed their own illustration legislation. Of course, since economic conditions are dynamic, the only certainty with respect to illustrations is that actual results will differ from what is shown on today's piece of paper. In-Force A policy which is currently valid. Preferred applicants are those whose health is above-average.
Standard applicants are of normal health status.
Insured The person whose life is covered by a policy of insurance. For health insurance, the insured may be an entity rather than a natural person. A special legal status accorded to one who has died without a valid will. The fifty states have laws governing the disposition of an intestate decedent's assets. These laws may or may not reflect your intentions.