Brian Lessing However, we believe that all sections of the guideline should apply to all inforce life insurance illustrations after some effective date, regardless of when the policies were sold, since if the new limitations on the illustrated crediting rate are appropriate for new business, similar reasoning implies that they should also be appropriate for…

Read More

Pensions Pensions – Index ERISA – Employee Retirement Income Security Act of 1974 Guaranty Funds NOLHGA – National Organization of Life and Health Insurance Guaranty Associations PBGC – Pension Benefit Guaranty Corporation PRT – Pension Risk Transfer Private Equity, Athene, government hearings – 2023 – Sherrod Brown, Elizabeth Warren Executive Life, Maxxam, Drexel, Pacific Lumber Company…

Read More

Thomas S. Kuhn The Structure of Scientific Revolutions – Book Paradigms We noted in Section II that an increasing reliance on textbooks or their equivalent was an invariable concomitant of the emergence of a first paradigm in any field of science. The concluding section of this essay will argue that the domination of a mature…

Read More

SB – Outside Thomas S Kuhn The Hidden Factor Either you repeat the same conventional doctrines everybody is saying, or else you say something true, and it will sound like it’s from Neptune. — Noam Chomsky To reject one paradigm without simultaneously substituting another is to reject science itself. What man sees depends both upon…

Read More

MassMutual Haven Life – MassMutual (p21) – Senator Howard Metzenbaum (D-OH):  At a recent meeting of underwriters, Thomas Wheeler, a chief executive officer of Massachusetts Mutual, said in the last decade:  “Some companies encourage churning”, meaning rolling over whole life business into universal life. Not only did these companies swap high-margin products for low-margin ones, they often…

Read More

Life Insurance as an Investment The term “investment-life-insurance policy” is used here to represent policies that have a large “cash-surrender value” throughout most of the period they cover, such as limited-payment life policies and endowment policies. 1928 – AP – The Investment Element in Life-Insurance Contracts, S. H. Nerlove – 22p  2020 – NAIC LIIIWG…

Read More

Confusion After receiving these notices, John (Policyowner) contacted Glasgow (Agent) who had retired in 2000, to inquire why his policies would be terminating, even though he had timely paid the premiums on the policies for approximately 18 years. (p5) 2010 – LC – Maloof v John Hancock – 60 So. 3d 263 – Ala: Supreme…

Read More

Meaningful Disclosure Teresa Winer (GA) said that disclosure is helpful, but only if it is meaningful. 2019 0917 –  NAIC Proceedings (Fall, 6-77) – LIIIWG – Life Insurance Illustrations Working Group …. would they know what that really means in terms of the risk to them and how it would interact with…… —  Brian Brosnahan,…

Read More

1975-4 LIFE, ACCIDENT, AND HEALTH (D) COMMITTEE; Life Insurance (C3) Subcommittek 1975-4, NAIC Proc. …undertaken to determine the present state of consumer knowledge of life insurance and the types and level of information that would be in the buying decision or process. The Institute of Life Insurance accepted responsibility for this project. In cooperation with…

Read More

SB – Board Joint Special Committee on Life Insurance Costs Hart EJM 1974 – Analysis of Life Insurance Cost Comparison Index Method. Society of Actuaries 1974 – Philosophies in the computation and dissemination of dividend illustrations, Society of Actuaries (Committee on Cost Comparison Methods and Related Issues (Special) – 85 pages

Read More