Since 1997, and where designated, state regulation dictates the content and structure of the life insurance illustration. Based on the model regulation the National Association of Insurance Commissioners adopted in 1995, illustrations have a mandated purpose of to educate and protect the...

Life insurance is a tool that households use to hedge against the uncertainty of labor income flows over the life cycle and to meet bequest motives. While overall demand for life insurance continues a 50-year downward trend, term life insurance has gained in popularity over cash value insurance...

Life insurance is an important household risk management and financial tool. Policy lapsation has economic effects on life insurance companies, policyholders, and beneficiaries and the impact may be detrimental when these lapses are unexpected. Prior literature has examined several hypotheses of...