Which Disability Standards?
Now that the Insurance Compact has a full suite of disability income insurance product Uniform Standards for the individual and group markets, occasionally we receive a filing submission that misidentifies the applicable Uniform Standards for a benefit based on total disability. Mistakes in this area can lead to confusion about the intended product design, applicable requirements and reviewer assignments, ultimately putting an unnecessary drag on the review time. This Weekly Tip is a quick reminder that a disability waiver of premium benefit for an individual or group life insurance product is not subject to the individual or group disability income insurance Uniform Standards.
There are three different waiver benefit features available in the individual life insurance product lines:
- Additional Standards for Waiver of Premium Benefit
- Additional Standards for Waiver of Monthly Deductions Benefit
- Additional Standards for Waiver of Premium Benefit for Child Insurance in the Event of Payor?s Total Disability or Death
The group term life insurance for employer groups product line includes the Group Term Life Insurance Uniform Standards for Waiver of Premium While the Employee is Totally Disabled.
Please ensure that the Filing Description and/or Applicable Uniform Standards sections of your SERFF submission identify the correct Uniform Standards applicable to your product line and benefit feature(s).
If there are any questions about the Uniform Standards or Type of Insurance applicable to your planned submission, please contact the Insurance Compact Office.