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41 States Accept ACORD Form Standard Initiative

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NU Online News Service, July 28, 2004, 1:35 p.m. EDT

An insurance industry standards group says 41 states now accept its generic life insurance application form.[@@]

The Association for Cooperative Operations Research and Development, Pearl River, N.Y., developed the form, the ACORD Life Form Life Application Part 1, to give life insurers a standard form that they can use to collect the information that underwriters need to evaluate life insurance applicants.

ACORD notes that its staff also is working on about 20 other standard life and annuity forms.

ACORD plans to update the standard forms itself and offer a service that will file the updated forms with regulators, ACORD says.