LTTR – 2021 “The “unbundling” of services and other product differences between Universal Life and Ordinary Life cause current literature to be inapplicable, as well as insufficient, for Universal Life.”   1984 – American Academy of Actuaries – Journal  ACLI They <Universal Life Policy> merely afford purchasers greater flexibility in designing their contracts so as to meet their individual needs. 1982-1 STATEMENT…

Read More

Service First of all, I believe there is cause for concern arising from the repeated inferences, both in this paper and elsewhere, that the agent is somehow obligated to provide “service” long after the sale on the policies that he has sold. Certainly the insurer has an obligation to provide such service, but I cannot agree with…

Read More

Surrender Values Development of Life Insurance Surrender Values its the United States, J. David Cummins, S.S. Huebner Foundation, for Insurance Education (p1177) – By Mr. MCGUIRE: A. I have parted with two or three life insurance policies. Q. Sell them for the amount of the loan, or at a discount? A. at the price the…

Read More

Orphaned Policyholders C. What methods are used for providing service to policyholders, particularly on orphaned business? 1966 – DIGEST OF REPORTS ON TOPICS OF CURRENT INTEREST AGENCY MATTERS, Society of Actuaries

Read More

Indeterminate Premium The product revolution, in my mind, began in the 1970s with the introduction of indeterminate premium products. The introduction of universal life in the early 1980s really did create a revolution. We’ve seen more product change and more increasing frequency of product change in the 1980s than ever before. —  William R. Britton,…

Read More

Bank-Like The regulation provides for the pre-funding of cash values, so that the amounts will be available upon policyholder demand, and will not be contingent upon sufficient surplus being available at that time to cover what is the equivalent to a demand deposit. The regulation relies heavily on the NAIC Universal Life Insurance Model Regulation…

Read More

Premium Pattern The agent and prospect have the ability to choose almost any pattern of benefits and premiums. No longer is the sale limited to one of several fixed plans of insurance from a ratebook. 1991-1992 – FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS  – 142p, Society of Actuaries For another problem, consider…

Read More

Policy Changes 1975 0619 – NYT – With “Life-Cycle” Insurance Policies Coverage May Be Changed With Needs (Adjustable Life), by Leonard Sloane – [link-Paywall Free]  Policy Changes Have any companies considered restricting policy changes because of increased administrative difficulties due to automation? Is the cost of policy changes out of proportion to their business value?…

Read More

Coverage Period Coverage Period – Examples As long as you pay the premium Key Attributes of Generic Life Insurance Policies — Table 4-2 Duration of coverage – Universal Life – Depends on premiums paid.  (p111) 2015 – Book – Life Insurance, 15th Ed. – Black jr., Skipper, Black (Huebner Series)  The agent said that Universal…

Read More

DocketBird docketbird.com/find-federal-court-cases/civil/district-of-maine/2012/0-499

Read More