Archive for March 2021
Confusion
Confusion In my experience very smart people don’t really know what all the components mean. I mean I feel like it does lead to confusion. So, I think if you can refer to the eventual illustration and just show the cash value. — Teresa Winer (GA) 2019 0917, NAIC – LIIIWG – Life Insurance Illustrations…
Read MoreMeaningful Disclosure
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 More1975-4, NAIC Proceedings
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 MoreSB-Board
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 MoreIllustrations – Problems
Illustrations – Problems We’ve all heard a lot about the junk bond crisis. Is the next crisis going to be junk illustrations? — Judy Faucett 1991 – SOA – Illustrations, Society of Actuaries – 20p The number one perceived problem is that buyers simply do not understand the nonguaranteed nature of life insurance illustrations. Also, it is…
Read MoreStart – Performance
Starters – Performance Mr. Schwartzer reminded the Working Group that the Life Insurance Illustration Issues (A) Working Group came out of concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial (A) Task Force was working on guidance for IUL policy Illustrations that would result in consumers being better able to…
Read MoreStart – Timing of Disclosure
Starters – Timing of Disclosure It had been the desire of the working group to require delivery at the time of application, but small insurance companies would have a great deal of trouble complying with that requirement due to lack of computer resources, so the extra period is allowed by way of compromise. 1989-2, NAIC…
Read MorePersistency
Persistency 1981 – SOA – Patterns in Persistency, Society of Actuaries – 18p 1995 12 – SOA – 1994-1995 Year in Review, The Actuary, Society of Actuaries – 6p SOA Research and the Life Insurance Marketing and Research Association (LIMRA) completed a report on universal life persistency results that have never before been published on an…
Read MoreStart – Plan of Insurance
Start – Plan of Insurance Michael Lovendusky, ACLI … said assisting consumers to compare products is outside the scope of the Working Group’s charge, and it would limit innovation and harm consumers. Birny Birnbaum, CEJ … said the Working Group’s charge specifically includes how the summaries are “designed, formatted and accessed” by consumers, and the…
Read MoreP1P2
P1P2 P1P2 – Grid P1P2 – Actuarial P1P2 – Legal Case – Maloof v John Hancock P1P2 – NAIC P1P2 – NAIC – Life Insurance Buyer’s Guide Start – Policy Cash Flow Mechanics P1->P2->SIV P1->SIV->P2 Roger Strauss (Iowa) said a fundamental issue was that the consumer realize that the premium is being paid from someplace. …
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