Archive for July 2020
LIBG – Life Insurance Buyer’s Guides – Comparison Chart – NAIC
NAIC – LIBG – Life Insurance Buyer’s Guides – Comparison Chart Words and Concepts 1976 1984 1990s 2000 2018 Scribes – Writers ACLI 1983 – NAIC / ACLI Revised Draft Life Insurance Buyers Guide, letter and Disclosure Model Regulation – 1983-1 523 – 27p 1984 / 1993 – NAIC / ACLI Life Insurance Buyers Guide – 5p Life Disclosure…
Read MoreSandbox – UL – Premium – 415
Sandbox UL – Premium – 415 2017/11/15 – ACLI revised draft and letter – Life Insurance Buyer’s Guide Working Group Permanent (cash value) insurance covers you for your entire life – Unlike a term policy, which can end after a specified number of years, permanent life insurance will continue to the policy’s maturity age so…
Read MoreSB – UL – Raindrop or Umbrella – 414
Sandbox – UL – Dynamic Products – Raindrop or Umbrella – 414 Raindrop Umbrella In essence, the model regulation <Universal Life Model Regulation> assumes that at issue, all universal life policies are permanent plans. The r-ratio is meant to measure the extent to which the policy is on track” as a permanent plan. Statutory Valuation…
Read MoreInside Buildup
Inside Buildup These two meetings, plus the announced intention of some members of Congress and the Treasury Department to consider taxing the inside buildup of cash values, adds a note of uncertainty to our discussion today. — Paul J. Overberg 1983 – SOA – Individual Life Insurance, Society of Actuaries – 22p JULY 19, 1985 Impact of…
Read MoreMarketing
Marketing …a great deal of our problem is caused because the people out there marketing our life insurance products are trying to market it against and like mutual funds. Until we start to market it as life insurance and describe it and teach the consumers about life insurance, they’re not in any position to make…
Read MoreDeposit Term Life Insurance
Deposit Term Modified Premium Whole Life Partial-Endowment-Type Products One could almost argue that Universal Life is an outgrowth of Deposit Term. Most Universal Life policies have initial sales charges, that from a practical sense resemble a deposit term contract, sold with an annuity rider. — Fred Jonske 1984 – SOA – Individual Term Portfolio Management, Society of…
Read MoreSolvency
Solvency Failures Insolvent Insolvencies Surplus Notes Solidity (Solvency) During the early 1990s, however, the solvency problems of the life insurance industry increased, climaxing in the failure in 1991 of several large insurers– Executive Life Insurance Company, First Capital Life Insurance Company (EF Hutton) Fidelity Bankers Life Insurance Company, Monarch Life Insurance Company, and Mutual Benefit…
Read MoreRegulation 187
Regulation 187 Regulation 187 “Best Interest” Suitability – dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf 2021 – LC – INDEPENDENT INSURANCE AGENTS AND BROKERS OF NEW YORK, INC., vs. NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES – OPINION AND ORDER – 7p – 530047 OPINION AND ORDER – 7p Appeal from a judgment of the Supreme Court (Zwack, J.), entered August 7, 2020 in…
Read MoreSuitability
Suitability There should be suitability rules in place, particularly for cash value life insurance policies to assure that sales of proper products are made. (p14) — J. Robert Hunter 2003 0506 – GOV (House) – Increasing the Effectiveness of State Consumer Protection – [PDF-123p, VIDEO-?] 2000 – NAIC – Suitability of sales of life insurance and…
Read MoreNCOIL – The National Council of Insurance Legislators
NCOIL – National Council of Insurance Legislators NCOIL.org ncoil.org/insurance-legislators-foundation-ilf-board/ NCOIL Life Insurance Consumer Disclosure Model NCOIL – NAIC Dialogue Committee Sen. Hackett (R-OH) – stated that one of the problems that the life insurance industry has been experiencing for several years is that when universal life was sold years ago interest rates were so much…
Read More