Archive for June 2020
Focus Groups
Focus Groups / Consumer Testing Consumer Disclosure Issues Working Group of the Product Development (A) Task Force – NAIC Focus Groups – NAIC – 2000s A great deal of the confusion seems to stem from a lack of understanding of how cash value insurance products work and a lack of understanding of insurance terminology. Also,…
Read MorePremium Due Date
Premium Due Date …this was done because (1) the concept of a “premium due date” was thought to be inapposite to flexible premium policies. 1983-1, NAIC proceedings def. inapposite: out of place; inappropriate Legal Cases 2018, Elhouty v Lincoln Benefit, United States Court of Appeals, Ninth Circuit, Google Scholar 2010, Maloof v John Hancock, SUPREME…
Read MoreScheduled Premium
Scheduled Premium Section 15. Schedule Premium Policy. The definition of a “scheduled premium policy” was added by the 1983 amendments to the Model Regulation. It is intended and to establish the perimeters of contemporary “traditional” variable life insurance policies. Specifically, a variable life insurance policy is classified as a “scheduled premium” policy if the insurer…
Read MoreGeneric Name
Generic Name Proposed Revision of NAIC Life Insurance Solicitation Model Regulation (ACLI) – October 22, 1982 A Generic Name means a short title which is descriptive of the premium and benefit patterns of a policy or a rider. NAIC Proceedings
Read MoreMultitrack
Multitrack / Multi-track Multitrack Policies. For policies which allow a policyowner to change or convert the policy from one plan or amount to another, the Policy Summary: 1) Shall display all indexes and other data assuming that the option is not exercised; and 2) May display all indexes and other data using a stated assumption…
Read More1983-2, NAIC Proceedings
1983-2 Others were whether companies should contractually limit the right of the policyholder to pay additional premiums and whether there should be more disclosure of the termination date under guaranteed minimum assumptions. re: Universal Life 1983-2, NAIC Proceedings INTERPRETATION REGARDING VALUATION AND NONFORFEITURE INTEREST RATES Proposed Actuarial Guideline Recommended to the Life Insurance (A) Committee…
Read MoreRetrospective
Retrospective Retrospective vs Prospective Mr. Carroll: Retrospective and prospective, if everything fits and works nicely, as Doug pointed out, it doesn’t matter. You get the same answer looking both ways. It only matters when things are out of sync and something has gone wrong or gone better than has been reflected. That’s how we come…
Read MoreNAIC – Advisory Groups
Advisory Groups – NAIC That was one of the recommendations made by the Advisory Committee that Shane and I worked on almost ten years ago, and it joined most of our other recommendations in being trashed by the then NAIC working group. So things are coming around. [Bonk: Shane = Shane Chalke] — Walter…
Read MoreTSAG – Technical Staff Actuarial Group – NAIC
Technical Staff Actuarial Group (TSAG) – NAIC 1982-1 – LIFE, ACCIDENT AND HEALTH INSURANCE TECHNICAL STAFF ACTUARIAL GROUP – SEMI-ANNUAL REPORT – December 1981 (p404-435) The Life, A&H Technical Staff Actuarial Group is an informal group of state insurance department employees, most of whom are actuaries. The group is not considered a task force, and…
Read MoreMSRV – Mandatory Securities Valuation Reserve
MSRV – Mandatory Securities Valuation Reserve Impact of Economic Changes on Common Stock Values When the MSVR was first established in 1951, common stocks represented only 1.2 percent of the assets of U.S. life insurance companies. However, the sharp rise in common stock prices during the 1950s and early 1960s, combined with the stimulus of…
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