2021 1107

  • It's very possible to have a 25-year term with zero cash value, using a UL product.

--  Lawrence Silkes

1990 - Life Product Development Update, Society of Actuaries - 20p

  • What is a Supplemental Illustration? (BB, Wicka, Donna Wicka - More Complicated products would need more pages.) - 2018/10/9-  LIIIWG - <Bonk>

2018 0319  - NAIC Life Insurance Buyer's Guide Working Group (LIBGWG) - Conference Call NAIC Proceedings

  • The Working Group discussed some language that was hard to understand referring to premiums and benefits. 
  • The Working Group agreed to include "premiums or values vary from year."
  • The Working Group agreed that language comparing different types of policies should be included in the next draft.

INTERDEPENDENCE OF SUBJECT MATTER

The Subject of Life Insurance is one that everyone will discuss sooner or later.

  • Fortunately, nearly everybody knows something about it, but unfortunately many who buy it and some who sell it have only a superficial  knowledge.
    • Even those who legislate controls or propose reforms for the  business are not always sufficiently informed.
  • What does one need to know to become adequately informed about life insurance?
    • It is essential that he know a few basic principles of law, mathematics, accounting, economics, marketing, finance, business management, statistics, history, and government—all as they apply to life insurance.
    • This seems a rather large order, but actually it is not, because everything is logical, and the pattern as a whole fits quite neatly.
  • However, in gaining a life insurance education, one problem does present itself.
    • Although the pieces fit together snugly, it is not easy to determine the order in which the pieces should be developed.
    • For example, to understand types of policies thoroughly one should know something about methods of premium computation.
    • But to comprehend premium computations adequately, one must know something about types of policies.
    • This interdependence applies with equal force to other aspects of knowledge about the field.

Thus, since it is necessary to know something of the whole to understand and appreciate the parts, the basic question is where to begin. (p1)

1961 - Modern Life Insurance (Textbook) - Robert I.Mehr

  • Law
    • 1996 - Legal Issues Affecting Nontraditional Products, Society of Actuaries - 14p
  • 1991 - Illustrations, Society of Actuaries - 20p
  • I'm going to have you listen for a few minutes. I have a theory that the difficulties the life industry faced with illustrations, including the billions lost in lawsuits, stemmed from the lack of understanding of what a scale of illustrated dividends or nonguaranteed elements is and is not.
  • In summary, I believe the NAIC's model, which we have as a law in California, is helpful, but we still have much to do to get at the heart of the problem. My including actuaries, companies, agents, and the public in understanding that
    definition suggested solution lies in agreeing on a definition and educating all the players,

-- William H. Phillips

1998 - Current Issue in Sales Illustrations, Society of Actuaries - 26p

 

 

  • ACLI
    • 2013 0423 - Legal Case - Johnston and Johnston v Conseco 13-30010_Documents ACLI AMICUS BRIEF - 48p
    • 2015 0930 - ACLI to NAIC Letter -  
      • Life insurance policy illustrations contain important and useful information to consumers so they can make informed decisions about the policy they are considering. The NAIC Life Insurance Illustrations Model Regulation was designed to make sure illustrations represent an accurate depiction of the policy and its benefits, foster consumer education and make illustrations more understandable. 
      • ACLI agrees with suggestions made by NAIC-funded consumer representatives at the Chicago NAIC meeting that the involvement of consumer disclosure experts in considering potential enhancements to the narrative summary would be helpful. Additionally, focus group testing with individuals of varying income and educational levels may provide important insights into the overall effectiveness of the enhanced narrative summary. If successful, the NAIC might consider incorporating the work product from this initiative into a guideline that would accompany the NAIC Model Regulation.
  • Adjustable Life
    • 1976 - Toward Adjustable Individual Life Products, Society of Actuaries, Walter L. Chapin - 50p
      • PDF - 1976 - Towards Adjustable Life Chapin Powerpoint - Society of Actuaries - 3p
      •  
    • 1977 - Changing Time- Adjustable Life - p17-19
    • 1982 - Principles of Insurance - George Rejda Adjustable Life 
    • 1997 - Legal Case - Grove v Principle - Adjustable Life
      • PDF - 1997 - Legal Case Grove v Principle - Adjustable Life -  4p
  • Universal Life
    • Advertisement
      • Graph
      • Auto-Owners
  • Plan of Insurance
    • Coverage Period
    • Coverage Period - Examples
  • Premium, Benefits,
  • Performance, Policy Mechanics, 
  • Guaranteed Maturity Premium, R-Factor (r-ratio), 
  • Agent Knowledge
  • IAIS Insurer Culture
  • Coverage Period
  • As Long as you Pay the Premium
  • Random
    • PDF - 1961 1984 Modern Life Insurance Mehr ART as Whole Life 1p
    • Robert Mehr
  • 1993 0525 -  GOV (Senate) - When Will Policyholders Be Given The Truth About Life Insurance? - [PDF-354p-GooglePlay
    • (p196) - Overwhelming numbers of Life Insurance buyers do not even understand which, if any, elements of their sales illustrations are guaranteed.
      • For instance, as we demonstrated in our hearing, an Alexander Hamilton illustration did not make it clear that there was no guaranteed death benefit after 12 years.
      • How absurd can it be? That means that at age 57, this 45-year-old man will quite possibly have to pay a lot more to get new life insurance, if he can get it at all.
    • Frankly, no 45-year-old man can make an informed choice about which policy to buy on the basis of any of these illustrations. 

2021 - IAIS - Insurer Culture

  1. Q4 Comment on paragraph 2
    1. Illustrations, Record of Society of Actuaries, 1991, VOL. 17 NO. 4A, pp335-348
    2. FSOC Accountability: Nonbank Designations: Hearing Before the Committee on Banking, Housing, And Urban Affairs, 114th Cong., p37 (2015)
  2. Q10 Comment on paragraph 8
    1. The Future of Permanent Life Insurance, Record of Society of Actuaries, 1981, VOL. 7 NO. 3, pp. 947-968
  3. Q11 Comment on paragraph 9
    1. Nonforfeiture Law Developments, Record of Society of Actuaries, 1996, Volume 22, No. 3
  4. Q12 Comment on paragraph 10
    1. Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office, Hearing Before the Committee on Financial, 111th Cong., p70 (2009), {Congressman Scott Garrett (NJ), Terri Vaughan (President of the NAIC)}
  5. Q18 Comment on paragraph 16
    1. Sales Illustrations - We Can’t Life with Them, but We Can’t Life without Them!, Record of Society of Actuaries, 1993, VOL. 19 NO. 2, pp. 937-955
  6. Q20 Comment on paragraph 18
    1. Walker vs Life Insurance Company of the Southwest, 2:10-cv-09198-JVS-JDE, Document 820 Filed 12/01/15 Page 40 of 279 - Trial Day 11. -- {Jeffrey Stemler, Agent} 
  7. Q22 Comment on paragraph 20
    1. Comprehensive Tax Reform - Part 7: Hearings Before the Committee on Ways and Means 99th Cong., p6069 (1985), --{Robert Beck (Prudential CEO)}
    2. 1996, May - Report of The Multi-state Life Insurance Task Force and Multi-state Market Conduct Examination of The Prudential Insurance Company of America
  8. V2 - Q31 Comment on paragraph 28
    1. Statement off the American Council of Life Insurance Before the NASAA NAIS Joint Regulatory Insurance (Attachment One-A), August 31, 1981 - 1982 Proceedings of the National Association of Insurance Commissioners (NAIC), Volume 1, p122
    2. Statement on Behalf of the American Council of Life Insurance to the NAIC (A) Committee´s Life Cost Disclosure Task Force - (Attachment One), November 29, 1982 - 1983 Proceedings of the National Association of Insurance Commissioners (NAIC), Volume 1, p523
  9. Missing - Q32 Comment on paragraph 29
    1. 1961 - Modern Life Insurance (Textbook) - Robert I. Mehr
  10. Missing - Q34 Comment on paragraph 31
    1. Grove v Principal, CASE NO. 4-97-CV-70224, Brief in Support of Defendant's Motion to Dismiss the Class Action Complaint
  11. V2 - Q37 Comment on paragraph 34
    1. Consumer Disclosure of Insurance: Hearing Before the Subcommittee on Antitrust, Monopolies and Business Rights of the Committee on the Judiciary, 102nd Cong., p2, (1992), --{Senator Howard Metzenbaum-OH}
  12. Q46 Comment on paragraph 43
    1. Fairbanks v Farmers Life, Second Amended Class Action Complaint
    2. Fay v Aetna, Case 1:01-cv-10846-RGS, Defendant Aetna Life Insurance And Annuity Company´s Response To Plaintiffs´ Separate Statement of Additional Undisputed Material Facts, Document 65, Filed 06/02/03
  13. Q51 Comment on paragraph 47
    1. 1898, Things Agents Should Know: An Intensely Practical Book for Life Insurance Agents, by Miles Menander Dawson
  14. Q61 Comment on paragraph 57
    1. Problems and Solutions for Product Illustrations, Record of Society of Actuaries, 1994, VOL. 20 NO. 2, pp. 569-595, -- {Robert E. Wilcox - Chairman of the Life Insurance Disclosure Working Group (NAIC)}
  15. Q69 Comment on paragraph 65
    1. The Causes and Effects of the Bailout, Hearing Before the Committee on Oversight and Government Reform, 111th Cong., p54 (2008), {Dinallo, Eric R., superintendent, New York State Insurance Department; Congressman Bruce L Braley (Iowa)}
  16. Q78 Comment on paragraph 74
    1. Individual Life Insurance Retention and Replacement Strategies, Record of Society of Actuaries 1983, VOL. 9 NO. 4, pp.1755-1777,  --{Phillip B. Norton, not a member of the Society, is Vice President of The Lincoln National Life Insurance Company}
  17. Q82 Comment on paragraph 78
    1. The Next Generation Universal Life, Record of Society of Actuaries, 1999, Volume 25, No. 1