Archive for March 2021

Start – Consumer Testing 1990-1A, NAIC Proceedings – NAIC / LIMRA Focus Group – Universal Life Disclosure Form Test Market Results – 10p Commissioner Ommen asked whether Mr. Birnbaum is aware of any consumer testing of illustrations or research that has already been done that looks at consumer understanding in this area. Mr. Birnbaum said…

Start – Cash Value – Account Value – Reserve – SIV SIV – Self-Insurance Value Cash Value Account Value Benefit Generating Account (BGA) Reserve Benefits Reserve SIV – Self-Insurance Value Gary Sanders (National Association of Insurance and Financial Advisors—NAIFA) agreed that use of the term “cash value” was confusing. 2017 0217,  NAIC Proceedings – LIBGWG…

Starters – Policy Overview Policy Overview Cover Page Policy Narrative If appropriate, the paragraph might add something like “The amount of premium you have elected to pay, $300 per year, is however insufficient to keep the policy in force to age 95 at the guaranteed minimum interest rate of 4%; the policy would terminate at…

Starters – Policy Cash Flow Mechanics First thing that I want to say is that there have been some references to Misleading Illustrations. I’m certainly not aware of the Regulators have not found that Illustrations are misleading. That seems to be just an allegation that is left hanging in the air, which is inaccurate.  The…