May 2020 – Page 5 – [BonkNote]

Lobbying Lobbying is a word which may have negative connotations in some people’s minds. Those people who are not close to the political process sometimes think that if politicians were able to make decisions in an environment free of lobbying, then better decisions could be made. This is a misconception of the political process. Today’s…

Ralph Nader Didn’t Say It Note that the data is not from Ralph Nader, but from LIMRA and the NALU [NAIFA]. — Randall P. Mire 1983 – SOA – The Future of Whole Life Insurance–A Debate, Society of Actuaries – 24p Basing an industry of this size on public gullibility is a completely unsound premise.…

Accelerated Benefits 1990 – SOA – Accelerated Benefits, Society of Actuaries – 18p 1991 – LR – Death and Taxes: The Taxation of Accelerated Death Benefits for the Terminally Ill, Wayne M. Gazur, University of Colorado Law School – 88p 1991-1A, NAIC Proceedings -Accelerated Benefits Guide Model Regulation, 12/5/1990 – Attachment Two (p544) (D) Disclosure…

Supportable 1988 – SOA – Are Current Illustrations Supportable?, Society of Actuaries – 20p I endorse the idea of giving the Society of Actuaries more power to determine supportability. I think the general principles outlined by Harold Phillips (August 19, 1993) are very good in this regard. The percent of 80CSO cost index could be…

Socialism SPOT LIGHTS ON SALES PROBLEMS From the Northwest Life Congress 1922 Weekly Underwriter page 99 Socialism Paternalism Merriam-Webster def: 1) a person who is independent (as in politics) or who remains undecided or neutral 2) Did You Know? Mugwump is an anglicized version of a word used by Massachusett Indians to mean “war leader.”…

Other Policies Libel Policy – “Lloyds, London, is issuing policies against libel.” – 1922, Weekly Underwriter, p1030 Merriam-Webster Libel: a written or oral defamatory statement or representation that conveys an unjustly unfavorable impression Flamingo Policies – SOA

Duty to Read Many Misunderstandings with Reference to its Terms and Conditions might thus be removed. 1922 – American Agency Bulletin, Volume 19 Law Reviews 1974 – LR – Duty to Read–A Changing Concept, by John D. Calamari – 23p Legal Cases 2008 – LC – AmerUs vs Smith – Supreme Court of Alabama – …

Signature The working group next discussed the appropriateness of including a requirement for a consumer signature on the document. The group decided it was important not to imply consumer understanding of what was in the illustration but just an acknowledgment of receipt of the illustration. 1994-2, NAIC Proceedings I think the only thing the illustration…

7702 – IRC – Internal Revenue Code IRS – Section 7702.—Life Insurance Contract Defined – irs.gov/pub/irs-drop/rr-05-6.pdf jct.gov/publications/?searchWithin=7702&sort=dateASC&it=content&mpp=48 Christian J. DesRochers John T. Adney Robert MARKS: Do any companies have concerns regarding not being able to charge a premium that would be high enough to mature the policy on a current interest rate basis with the…

Archive for May 2020

Lobbying

Ralph Nader Didn’t Say It

Accelerated Benefits

Supportable

Socialism

Other Policies

Duty to Read

Signature

4 – Home- Keep 202106

7702 – IRC – Internal Revenue Code