1980s - Prudential Insurance Company - Snippets

  • Prudential - Snippets
  • Thus, we have universal life policies with a so-called low target premium where excess interest earnings can carry the policy for the whole of life with the payment of that low premium.
    • We have the other extreme where the premium is higher but through the use of dividends or excess interest earnings, premiums are paid for only a few years.

--  John L. Marcus, Prudential, Senior Vice President of Prudential, in charge of the Insurance Services department. He is also Chairman of Pruco Securities and Vice-Chairman of Pruco Life. 

1984 - SOA - Deregulation of Financial Industries (rsa84v10n221), Society of Actuaries - 30p

  • [RE: Vanishing Premium]
  • Under some permanent insurance, contracts being sold today, the chances are you could stop paying after 7, 8, or 9 years and the insurance would remain in force for the rest of your life without further premium payments. (p6069)
    • [VIDEO-CSPAN] - Impact of Tax Reform on Insurance Industry - (at approx. 2:27:00-2:27:30)

--  Robert Beck, Prudential, Chairman and Chief Executive Officer

1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  ---  [BonkNote]

  • Cecil Heftel - (D-HI)
    • .....unfortunately, I think that we are misunderstanding what will happen from taxing the build-up because I think the product will disappear, and so I don't understand where Treasury comes up with revenue figures based on the fact that people will continue to buy the product and that sales people will continue to sell the product.
    • It is my assumption that the product simply won't be sold.
      • Sales people I have talked with indicate that they just simply will sell something else, but they won't be selling whole life.
  • Robert BECK, Prudential, Chairman and CEO:  That is right. (p6069)

1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  ---  [BonkNote]

    • Two years ago, universal life was typically crediting 13% or 14% on a current basis.
    • The conventional wisdom said that a successful Universal Life (UL) company could not succeed in developing and introducing variable life, because the agents would rather sell a 14% sure thing than a stock fund.
    • Well, we did not think that that was true then, and we sure don't think it's true now.

--  Gilbert W. Fitzhugh, Senior Vice President and Actuary at PRUCO Life, stock subsidiary of the Prudential Insurance Company

1986 - SOA - Variable Life/Fixed and Flexible Premium, Society of Actuaries - 38p

  • For a company such as Prudential with thousands of agents, most of whom are not very sophisticated, getting the agent to understand the new products and how these products can be used is essential to the success of a new product.

--  Phillip J. Grigg, PRUCO Life / Prudential

1987 - SOA - Product Development Process -- Bringing New Products To Market Quickly And Efficiently, Society of Actuaries - 22p