SB - Top Hits

  • 2010 - LC - Blumenthal v New York Life
    • Sutherland Legal Alert:
      • 2010 0930 - Sutherland / Blumenthal vs New York Life - Court Rejects Suit Alleging Fraud and Negligent Design in the Sale of Universal Life Insurance Policies - 2p
      • 2011 1129 - Sutherland / Blumenthal v New York Life - Illustration Disclosures Lead to Dismissal of Universal Life Insurance Class Action - 2p

"Give the life insurance theorist a chance —he may stumble on a good thing that will be as much of a surprise to him as the outside world." <p313>

-- A.B. Kellogg

1906 - Moodys Magazine, Vol 2 

  • Glossary
  • Policy Overviews
  • Shopping
  • Universal Life Descriptions
  • Features
    • Flexible Premium, Flexible Benefit
      • LC Johnston v Conseco
        • Can't pay just anything and expect it to last
        • No premium due
          • Also in SOA
        •  
    • Cash Value
      • Who is responsible? LC - Johnston v Conseco
      •  

"future benefit illustrations"

1988-2 NAIC Proc

  • Policy Mechanics / Cash Flow / Policy Performance

    • NGE's

      • (P1) - Premium types
        • Old Textbook
      • (SIV) - Cash Value, Account Value, Reserves
      • (CIV) - Term Part, NAAR, Net Amount at Risk
      • (i) - Interest Rate
      • (P2) - Cost of Insurance (P2)
        • COI Rate
        • COI Charge

 

"The 'unbundling' of services and other product differences between Universal Life and Ordinary Life cause current literature to be inapplicable, as well as insufficient, for Universal Life ."

1984 - Academy Journal

  • I think you really have to make sure that people understand volatility, whether you solve for a policy blowing up or values being halved.
    • I think you have to catch people's attention, and that is all to the good.

--  George Coleman, Prudential, ACLI, TRG-Technical Resource Group for the NAIC (Industry Advisory Group - Illustrations)

1994 - SOA - Problems and Solutions for Product Illustrations, Society of Actuaries - 28p

2017/11/15 Letter, LIBGWG, ACLI Redlined Draft

Unlike a term policy, which can end after a specified number of years, permanent life insurance will continue to the policy’s maturity age so long as premiums are paid.

(Note that this isn’t exactly accurate for UL, where policies can continue as long as the cash value is sufficient to pay the policy charges. We may want to make that distinction.)  <<< ----ACLI Wording <BonkNote>>>>

So, I think ... if you can refer to the eventual illustration and just show the cash value. 

--Teresa Winer (GA)

2019/9/17, NAIC LIIIWG, <Bonk>

  • 2010 - LC - Blumenthal v New York Life
    • Sutherland Legal Alert:
      • 2010 0930 - Sutherland / Blumenthal vs New York Life - Court Rejects Suit Alleging Fraud and Negligent Design in the Sale of Universal Life Insurance Policies - 2p
      • 2011 1129 - Sutherland / Blumenthal v New York Life - Illustration Disclosures Lead to Dismissal of Universal Life Insurance Class Action - 2p

 

6. THE CONCEPT OF THE BENEFIT GENERATING ACCOUNT
We have mentioned several times that the function of the account value is to determine future benefits. 

1983 - UNIVERSAL LIFE VALUATION AND NONFORFEITURE: A GENERALIZED MODEL, Society of Actuaries

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