Archive for April 2020
BINDERS
Binders NAIC – Life and Health Insurance Guaranty Association Model Act – 1971-2009 BonkNote BINDER – 238p.pdf
Read MoreHoward Metzenbaum
Howard Metzenbaum Howard Metzenbaum (D-OH) (b.June 4, 1917 – d.March 12, 2008) 1943-1952 – Ohio House of Representatives and Senate 1974, 1976–1995 – US Senator Why is this flimflammery allowed to continue? Where are the laws to prevent companies from misleading people? — Senator Howard Metzenbaum (D-OH) 1993 0525 – GOV (Senate) – When Will Policyholders…
Read MoreIllustrations – Examples
Illustrations – Examples 1990s 1991 — SOA – “FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS” 1993-2, NAIC Proceedings – Life Disclosure Working Group REQUIREMENTS FOR ILLUSTRATION COVER PAGES, June 21, 1993 (Attachment Six-A), RESOURCE COMMITTEE ON LIFE INSURANCE DISCLOSURE …………………. 732 California Discussion Draft of Ledger lllustrations Rule (Attachment Six-B)…
Read MoreGuarantees Only
Guarantees Only – Illustrations The regulators reached a decision to require that illustrations only show guarantees of future performance and actual past performance. 1994-1 NAIC Proc. A concern I have about illustrating guaranteed only is the potential pressure that can be put on companies to strengthen their guarantees. There was a recent article in the…
Read MoreDisclosure
Disclosure Disclosure – Index The purpose of disclosure is to let the life insurance buyer know what he’s getting. — Russell R. Jensen 1977 – SOA – Cost Disclosure in Individual Life Insurance – Society of Actuaries – 18p …. I agree that failure to disclose not only misrepresents but also sows the seeds of destruction. …
Read MorePremiums
Premiums Premiums – Index Richard Weber, Merrill Lynch Life … suggested that the illustration show … how the policy values are paying the premium. Mr. Morgan said that this issue needs specific attention because many complaints were received in the state insurance departments on this issue. (p521) 1994-3, NAIC Proceedings – Life Disclosure Working Group…
Read MoreChange Without Damage
Change Without Damage Market Moving Information The working group’s concern was how to bring about a change without damage to the market place. 1993-4, NAIC Proceedings – Life Disclosure Working Group – NAIC So if somebody could think of a way to get to the consumer without causing real problems among recent buyers, who are our…
Read MoreTiming of Disclosures / Information to Consumers
Timing of Disclosures / Information to Consumers Since supplying this information can interfere with the sales process, it would appear much better to give the customer a ten day free look and supply the required information at time of delivery. — Paul J. Overberg 1976 – SOA – Cost Comparisons and Policy Language, Society of Actuaries -…
Read MoreSnippets
Snippets Snippets – Index ACLI – Snippets Actuarial – Snippets FSOC – Prudential – Determination and Dissents – Snippets Government Hearings – Snippets Illustrations – Snippets Law Reviews – Snippets NAIC Working Groups – Snippets NAIFA (NALU) – Snippets Old – Snippets Regulators – Snippets Universal Life Model Regulation – Snippets Universal Life Model Regulation…
Read MoreUL – Universal Life Insurance
UL – Universal Life Insurance Universal Life – Index Universal Life Descriptions NAIC – Universal Life Insurance Model Regulation (MDL-585): – 22p NAIC – ULMR – Universal Life Insurance Model Regulation (MDL-585) – Citations GMF – Guaranteed Maturity Fund GMP – Guaranteed Maturity Premium R-Ratio Most of us have forgotten the original concept of…
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