Archive for May 2020
Lobbying
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…
Read MoreRalph Nader Didn’t Say It
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.…
Read MoreAccelerated Benefits
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…
Read MoreSupportable
Supportable What is supportable is up to the illustration actuary and involves all aspects of the product, not just the crediting rate. — Donna Megregian 2015 – SOA – Actuarial Guideline 49 (aka Actuarial Guideline YY), Society of Actuaries – 3p 1988 – SOA – Are Current Illustrations Supportable?, Society of Actuaries – 20p I endorse the…
Read MoreSocialism
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.”…
Read MoreOther Policies
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
Read MoreDuty to Read
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 – …
Read MoreSignature
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…
Read More4 – Home- Keep 202106
4-Home Academic | Actuarial | Government | Industry | Law | Regulation | Policies Three – NAIC Working Group Notes Four – MAIN Five – Academic Six – Actuarial Seven – Consumer Reps Eight – Government Nine – Industry -A) ACLI -B) NAIFA …
Read More7702 – IRC – Internal Revenue Code
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…
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