Internal Revenue Code Section 7702: Federal tax code provisions defining life insurance contracts and their tax treatment, including requirements for premium and death benefit calculations
USA PATRIOT Act: Federal requirements for customer identification and verification in financial products, including life insurance contracts
Gramm-Leach-Bliley Act: Federal regulations governing privacy and security of customer financial information in insurance contracts
Fair Credit Reporting Act: Federal law governing the collection, dissemination, and use of consumer credit information in insurance underwriting
Federal Trade Commission Act: Federal law prohibiting unfair or deceptive practices in insurance marketing and sales
State Insurance Codes: State-specific insurance laws and regulations that govern insurance contracts, varying by jurisdiction
State Filing Requirements: State-specific requirements for filing and obtaining approval of insurance forms and rates
Free Look Provisions: State-mandated period during which a policyholder can review and cancel the policy for a full refund
Non-forfeiture Laws: State laws requiring minimum guaranteed values if a policy lapses or is surrendered
NAIC Model Laws: Standard insurance regulations developed by the National Association of Insurance Commissioners, often adopted by states
Premium Payment Structure Requirements: Regulations governing how premium payments must be structured and modified in whole life policies
Policy Loan Provisions: Requirements for how policy loans must be structured and disclosed in whole life contracts
Death Benefit Calculation Rules: Regulations governing how death benefits must be calculated and disclosed
Cash Value Requirements: Rules governing how cash value must accumulate and be disclosed in whole life policies
Grace Period Requirements: State-mandated minimum grace periods for premium payments before policy lapse
Reinstatement Provisions: Required terms under which a lapsed policy can be reinstated
Incontestability Clauses: Required provisions limiting the time period during which an insurer can contest policy validity
Suicide Clauses: Standard provisions regarding death benefits in case of suicide within specified period after policy issue
Plain Language Requirements: State regulations requiring insurance contracts to be written in clear, understandable language
Illustration Requirements: Regulations governing how policy performance must be illustrated and disclosed to potential policyholders
