Ins 2.17(3)(p)(p) “Policy owner” means the owner named in an individual policy or the certificate holder in the case of a group policy. Ins 2.17(3)(q)(q) “Premium outlay” means the amount of premium assumed to be paid by the policy owner or other premium payer out-of-pocket. Ins 2.17(3)(r)(r) “Self-supporting illustration” means an illustration of a policy form for which it can be demonstrated that, when using experience assumptions underlying the disciplined current scale, for all illustrated points in time on or after the fifteenth policy anniversary or the twentieth policy anniversary for second-or-later-to-die policies or upon policy expiration if sooner, the accumulated value of all policy cash flows equals or exceeds the total policy owner value available. For this purpose, policy owner value includes cash surrender values and any other illustrated benefit amounts available at the policy owner’s election. Ins 2.17(3)(s)(s) “Supplemental illustration” means an illustration furnished in addition to a basic illustration. Ins 2.17(4)(a)(a) Each insurer marketing policies to which this section is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 1998, the insurer shall identify in writing those forms and whether or not an illustration will be used with them. For policy forms filed after January 1, 1998, the identification shall be made at the time of filing. Any previous identification may be changed by notice to the commissioner. Ins 2.17(4)(b)(b) If an insurer identifies a policy form as one to be marketed without an illustration, any use of an illustration for any policy using that form prior to the first anniversary is prohibited. Ins 2.17(4)(c)(c) If a policy form is identified by the insurer as one to be marketed with an illustration, a basic illustration prepared and delivered in accordance with this section is required, except that a basic illustration need not be provided to individual members of a group or to individuals insured under multiple lives coverage issued to a single applicant unless the coverage is marketed to these individuals. The illustration furnished an applicant for a group life insurance policy or policies issued to a single applicant on multiple lives may be either an individual or composite illustration representative of the coverage on the lives of members of the group or the multiple lives covered. Ins 2.17(4)(d)(d) Potential enrollees of non-term group life subject to this regulation shall be furnished a quotation with the enrollment materials. The quotation shall show potential policy values for sample ages and policy years on a guaranteed and non-guaranteed basis appropriate to the group and the coverage. This quotation shall not be considered an illustration for purposes of this section, but all information provided shall be consistent with the illustrated scale. A basic illustration shall be provided at delivery of the certificate to enrollees for non-term group life who enroll for more than the minimum premium necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration available to any non-term group life enrollee who requests it. Ins 2.17(5)(a)(a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this section, be clearly labeled “life insurance illustration” and contain all of the following basic information: Ins 2.17(5)(a)2.2. Name and business address of agent or insurer’s authorized representative, if any. Ins 2.17(5)(a)3.3. Name, age and sex of proposed insured, except where a composite illustration is permitted under this section. Ins 2.17(5)(a)4.4. Underwriting or rating classification upon which the illustration is based. Ins 2.17(5)(a)5.5. Generic name of policy, the insurer’s product name, if different, and form number. Ins 2.17(5)(a)7.7. Dividend option election or application of non-guaranteed elements, if applicable. Ins 2.17(5)(b)(b) When using an illustration in the sale of a life insurance policy, an insurer or its agent or other authorized representatives shall not: Ins 2.17(5)(b)1.1. Represent the policy as anything other than a life insurance policy. Ins 2.17(5)(b)2.2. Use or describe non-guaranteed elements in a manner that is misleading or has the capacity or tendency to mislead. Ins 2.17(5)(b)3.3. State or imply that the payment or amount of non-guaranteed elements is guaranteed. Ins 2.17(5)(b)4.4. Use an illustration that does not comply with the requirements of this section. Ins 2.17(5)(b)5.5. Use an illustration that at any policy duration depicts policy performance more favorable to the policy owner than that produced by the illustrated scale of the insurer whose policy is being illustrated. Ins 2.17(5)(b)7.7. Represent in any way that premium payments will not be required for each year of the policy in order to maintain the illustrated death benefits, unless that is the fact. Ins 2.17(5)(b)8.8. Use the term “vanish” or “vanishing premium,” or a similar term that implies the policy becomes paid up, to describe a plan for using non-guaranteed elements to pay a portion of future premiums. Ins 2.17(5)(b)9.9. Except for policies that can never develop nonforfeiture values, use an illustration that is “lapse-supported”.