{"id":16116,"date":"2019-07-24T07:00:01","date_gmt":"2019-07-24T11:00:01","guid":{"rendered":""},"modified":"2019-07-24T07:00:01","modified_gmt":"2019-07-24T11:00:01","slug":"insurer-argues-for-use-of-sex-rather-than-gender-in-policy-overviews","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/07\/24\/insurer-argues-for-use-of-sex-rather-than-gender-in-policy-overviews\/","title":{"rendered":"Insurer argues for use of \u2018sex\u2019 rather than \u2018gender\u2019 in policy overviews"},"content":{"rendered":"\n
<\/div>\n

An insurer in the US has argued that \u201csex\u201d rather than \u201cgender\u201d should be specified as part of the information about the insured that should be included in a life insurance policy overview.<\/p>\n

\u201c\u2018Gender\u2019 is a fluid concept while \u2018Sex\u2019 refers to genetic sex at birth,\u201d Pacific Life Insurance company said in a comment letter sent to an arm of the National Association of Insurance Commissioners (NAIC), reported ThinkAdvisor<\/em>.<\/p>\n

The comment letter was sent in response to a public consultation opened by the NAIC\u2019s Life Insurance Illustration Issues Working Group. In particular, the group is reviewing the regulations surrounding \u201cmodels,\u201d which define what state insurance laws or regulations should look like in the US. A group of state insurance watchdogs, the NAIC develops such models to help states share legal and policymaking expertise, as well as help make their insurance rules more uniform.<\/p>\n

\u201cThe Life Insurance Illustration Issues Working Group is exploring the idea of improving the narrative policy summary required by a section of the NAIC\u2019s existing Life Insurance Illustrations Model Regulation,\u201d ThinkAdvisor<\/em> said. The group is also reportedly reviewing the policy overview required in the NAIC\u2019s Life Insurance Disclosure Model Regulation.<\/p>\n

Commenting on the regulation for disclosure models, Pacific Life said a proposed update that includes \u201cgender of the insured or insureds\u201d in the description of \u201cinformation about the insured\u201d that should be included in a life insurance policy overview is inappropriate.<\/p>\n

\u201cUsing \u2018Sex\u2019 enables insurers to apply traditional underwriting practices that are based on the insured\u2019s or proposed insured\u2019s genetic sex at birth,\u201d the company said.<\/p>\n

It also commented on the proposed inclusion of the \u201cdate of birth of insured or insureds\u201d in the policy overview. \u201cPersonally identifying information not necessary to the provision of a policy overview should be deleted from the proposed model revision,\u201d it said.<\/p>\n

One other point the company commented on involves requiring that policy overviews include the insured\u2019s risk class, along with a statement as to where the insured can find additional information regarding risk classes.<\/p>\n

According to Pacific Life, the overview should include only the policyholder\u2019s risk class. Since each life insurer has a different risk class structure, additional details about risk class would be available only in the insurer\u2019s underwriting manual, which limits the usefulness of detailed risk class information as a consumer comparison tool.<\/p>\n

\u201cFor policy overview purposes, a simple provision of \u2018risk class\u2019 will indicate basic class distinctions which might be useful to a consumer, e.g., smoker versus non-smoker,\u201d Pacific Life suggested.<\/p>\n

Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An insurer in the US has argued that \u201csex\u201d rather than \u201cgender\u201d should be specified as part of the information about the insured that should be included in a life insurance policy overview. \u201c\u2018Gender\u2019...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16116"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16116"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16116\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}