Valuation Manual – NAIC The National Association of Insurance Commissioners (NAIC) initially adopted the Valuation Manual on Dec. 2, 2012 2022 – NAIC – Valuation Manual – 338p 2021 – NAIC – Valuation Manual – 330p Reserves Universal Life Plans (Other than Variable), issued without a Secondary Guarantee: 061 = Single premium universal life 062 = Universal…

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FCIC – WishList 2010 0810 – FCIC – Hearing – Letter – To Tim Geithner from FCIC – Thank you for testifying on May 6, 2010 in front of the Financial Crisis Inquiry Commission and agreeing to provide additional assistance. Toward that end, please provide written responses to the following additional questions and any additional…

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Debt Issuance Global Debt Issuance 2019 – FRB-C – Working Paper, No. 2019-08, 2019 – Asymmetric Information, Dynamic Debt Issuance, and the Term Structure of Credit Spreads, By Luca Benzoni, Lorenzo Garlappi, Robert S. Goldstein – [link]

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Securitization content.naic.org/cipr-topics/life-insurance-securitization The comment is regarding our discussion of structured transactions wherein securitization of policyholder loans was also mentioned. We at Prudential-Bache are still working on a structured transaction involving policyholder loans. — Dr. V. Michael Shante 1987 – SOA – New Investments and New Investment Strategies, Society of Actuaries – 48p The article discusses the…

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Global Debt Issuance 2019 – New York Life – $19B – [LINK] 2020 1113 – Athene – 15B – Offering Memorandum is November 13, 2020

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Principal Life Formerly Bankers Universal and variable universal life insurance products offer the policyholder the option of adjusting both the premium and the death benefit amounts of the insurance contract. 2012 – 10k (SEC) – Principal Financial Group – [LINK] <Bonk: The word “permanent” does not appear in the 10k “Whole Life” is under “Traditional…

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Lapse vs Surrender Lapses and Surrender Charges Ideally you would like to compare lapses (no cash value) and surrenders (with cash value). 1994 – SOA – VALUATION ACTUARY SYMPOSIUM PROCEEDINGS – SESSION 8 – Life and Deferred Annuity Liability Models – 32p

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Nuances Lapse vs Surrender P1P2 It is not the marketing strategy. It is a marketing strategy. That’s a nuance that’s an important one to us. –Matthew DeSantos (LSW), (p15-16), 2014 0423 – DOC 812 – Trial Transcript – 194p Most term policies don’t build up cash values that you can use in the future. 2018 – NAIC Life Insurance…

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Universal Life – Whole Life or Any Plan – History Rewritten Universal Life is not well understood and part of the mystery about it may well be due to a failure in my communication……    …….Universal Life was developed in 1962 as a generic plan, which means that it subsumes all other life insurance products.…

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III – Insurance Information Institute iii.org/ In the 1970s and 1980s, life insurance companies introduced two variations on the traditional whole life product: universal life insurance and variable universal life insurance. (17p) 2010 – III – Insurance Handbook A guide to insurance: what it does and how it works – [205p Universal Life: Universal life,…

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