Archive for November 2021
ICP 18 – Intermediaries – IAIS
ICP 18 – Intermediaries The supervisor sets and enforces requirements for the conduct of insurance intermediaries, in order that they conduct business in a professional and transparent manner. — ICP 18 – Intermediaries –
Read MorePremiums, Costs, Values and Benefits – Congress
Premiums and Benefits – Congress I think any way that we can make illustrations more understandable to the public is certainly going to help us. We’ve seen the problems that have occurred when Senator Howard Metzenbaum (D-OH) was given an illustration with a vanishing premium, and he had absolutely no idea that he had bought…
Read MorePremiums, Costs, Values and Benefits – Agents
Premiums and Benefits – Agents JEFFREY STEMLER, Agent: This is — when we are sitting down talking about insurance, we try to explain to the prospects exactly how the insurance works. So this is part of our talk that we give to explain how it works. So this would be a build slide. This didn’t…
Read MorePremiums, Costs, Values and Benefits – Market Conduct
Premium and Benefits – Market Conduct 6. Agreed to Discuss Universal Life Policies Kim O’Brien (Americans for Asset Protection-AAP) said: … there is a growing problem with universal life insurance policies that is hitting the elderly particularly hard. Due to the low interest rate environment, policies purchased 10 and 20 years ago require additional premiums…
Read MoreNAIC – Legislative Update
Legislative Update – NAIC 332-104304-1983-1984.pdf 333-104304-1985-1986.pdf 334-104304-1987-1988-1989.pdf 335-104304-1990.pdf 336-104304-1991.pdf 337-104304-1992-1993.pdf 338-104304-1994.pdf 339-104304-1995-1996-1997.pdf 340-104304-1998-1999.pdf
Read More1992 0505 – GOV (Senate) – Insurance Guaranty Funds and the Involuntary Transfer of Insurance Policies – Howard Metzenbaum (D-OH)
1992 0428 / 0505 – GOV (Senate) – Insurance Guaranty Funds and the Involuntary Transfer of Insurance Policies 1992 0428 / 0505 – GOV (Senate) – Insurance Guaranty Funds and the Involuntary Transfer of Insurance Policies, (CSPAN) Insurance Policy Transfers – Howard Metzenbaum (D-OH) — [BonkNote] [Both Dates PDF-629p-GooglePlay, 0428-VIDEO-? / 0505-VIDEO-CSPAN-Insurance Policy Transfers]->Not on govinfo.gov …
Read MorePremiums, Costs, Value and Benefits – Reserves
Premiums and Benefits – Reserves The 1980s ushered in the era of universal life policies. While such universal life policy features as flexible premiums, current and guaranteed cost of insurance scales, guaranteed maturity funds and guaranteed maturity premiums added a few wrinkles to the calculation process, the fundamentals of generating policy reserves remained fairly intact.…
Read MorePremiums, Costs, Values and Benefits – Universal Life – Math
Premiums and Benefits – Universal Life – Math Policy Mechanics Its fundamental “mechanics” are indistinguishable from those underlying traditional life insurance products. [Bonk: Its = Universal Life] — Samuel H. Turner, President, The Life Insurance Company of Virginia 1982 – Journal of Insurance Medicine – 1p
Read MorePremiums, Costs, Values and Benefits – Universal Life – Concept
Premiums and Benefits – How Universal Life Works – Concept Broken down to its simplest basis, Universal Life has eliminated the concept of “plan of insurance”….. — Christian J. DesRochers 1983 – SOA – Universal Life, Society of Actuaries – 24p In fact, it is accurate to describe Universal Life as a generalized version of the…
Read MoreQ: How Do Agents Use Life Insurance Illustrations?
Q: How Do Agents Use Life Insurance Illustrations? How do Agents use these? It would be good to hear from agents. — Richard Wicka, WI-Chair) 2018 12 – NAIC – Life Insurance Illustrations Issues Working Group 2017 – State Farm Agent Training / Van Mueller Approximately 2:11 – “I don’t ever use an illustration.” See…
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