August 2021 – Page 4

Permanent Plan Plan of Insurance The 818(c) election is another issue that is being looked at by the Service. In the Hutton ruling, the Service specifically took a caveat indicating that they were saying nothing with respect to this issue. One question that was discussed briefly was what was the plan of insurance? How do you know whether…

Computers New Products and Special Markets A. Modern computers make it feasible to consider marketing a flexible policy under which the premiums and benefits could be changed to meet the changing needs of the policyholder. — Ardian C. Gill Computers may make it feasible to produce a highly flexible policy with benefits and premiums that…

Taxonomy – Changes – Term to Permanent A few companies have introduced a product known as Universal or Total Life. The concept involves…the company withdraws an amount sufficient to pay the premiums for an annual renewable term coverage for the amount selected for the for the current policy year. (p70) 1982 – Book – Life…

Trends First of all, what are the current trends with respect to the sales of Universal Life? As most of you are aware, the slow movement to Universal Life has become a tidal wave. — Randall P. Mire 1983 – SOA – Universal Life (rsa83v9n32), Society of Actuaries – 22p In recent years many companies have experienced…

Communication What they did not understand, they did not find useful. 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary, Consumer Issues Disclosure Working Group – NAIC — [BonkNote] — 10p By readability, I do not mean the use of two syllable words, three word sentences and a high…

Sales Practices Frankly, I think that present sales practices give dividend “illustrations” too much prominence compared with actual dividend histories. — KENNETH R. MACGREGOR 1971 – MUTUAL LIFE INSURANCE COMPANIES–THEIR OBJECTIVES AND OPERATING PHILOSOPHY, Society of Actuaries – 250p

Kansas Bob Dole (R-KS) 1969-1996 – US Senate 1983 0311 – GOV (Senate) – Taxation of Financial Services Industry – Bob Dole (R-KS) — [BonkNote] Jerry Moran (R-KS) 2011-Current (as of 2023) – US Senate kslegislature.org/li_2022/b2021_22/committees/ctte_h_insurance_and_pensions_1/ kslegislature.org/li_2022/b2021_22/measures/documents/sb336_enrolled.pdf 2022 0309 – Testimony – Security Benefit Life Insurance Company – House Committee on InsuranceHOUSE COMMITTEE ON INSURANCE (Kansas), Testimony on…

Whistleblowers Agent – Snippets – 1990s Threats and Intimidation 2023 – Book – Lapsed: The Universal Life Insurance Whistleblower, by Elan Moas 2022 0212 – Twitter – @MartyLeary1 – [link] I believe most frauds that come to light do so because an internal whistleblower teamed up with a good journalist. 2009 – AP – Who…

Q: Is Universal Life Insurance a Traditional Product? Due to the unique nature of universal life products, a number of states have issued guidelines governing the sale of such products. These guidelines address contractual requirements as well as policyholder disclosure procedures. — Leonard E. Odell, ACLI 1981 – SOA – Universal Life (RSA81V7N412), Moderator: Samuel H.…

NAIC – International International Insurance Relations Committee – NAIC ComFrame Development and Analysis (G) Working Group – NAIC – (disbanded) 2008 – NAIC – International Report – Issue No. 32-33 September – December. 2008 – 18p Vietnam Additionally, NAIC market conduct experts provided an explanation of agent professionalism, which included licensing, training, administrating and requirements for agents who…