Premiums, Costs, Values and Benefits – Expert Witnesses

Premiums, Costs, Values and Benefits – Expert Witnesses

• Q. Do you recall the vanishing premium litigation?
• A (Wilcox): Very well.
• Q. Would you agree that the sales practices that were used in the vanishing premium — in selling those policies was problematic?
• MR. HIGGINS: Objection. Vague.
• THE WITNESS (Wilcox): In a limited number of cases, that was true. But again, that’s a different question than you asked before. Problematic is not the same as unlawful.
• MR. PAUL: Q. Do you not believe that the sales practices used — that were at issue in the vanishing premium issue were unlawful?
• MR. HIGGINS: Objection. Vague.
• THE WITNESS (Wilcox): There may have been a few instances where it was unlawful. In general, it was not vanishing premium issue were unlawful?
  MR. HIGGINS: Objection. Vague.
  THE WITNESS (Wilcox): There may have been a few instances where it was unlawful. In general, it was not.

—  Deposition of Robert E. Wilcox, Former Utah Insurance Commissioner and Chairman of the Life Disclosure Working Group (NAIC)

2012 0313 – Thao v Midland, United States District Court Eastern District of Wisconsin, 2:09-C-1158-LA

• Universal life is considered “permanent insurance” in the industry.
  • For example, a governmental website for seniors, maintained by the Social Security Administration, has the following definition “Permanent Insurance — including whole, ordinary, universal, adjustable and variable life — is protection that can be kept in force for as long as you live.”⁸

2003 – Rebuttal Of Mr. Affleck’s Report, By Donna R Claire, RE: William L. Fay, Sr. et al. v. Aetna Life Insurance and Annuity Company 

• 85-3 – Deposition of David Sanderford – Plaintiff Expert Witness – 65p
• Blumenthal v New York Life – Sanderford (Expert Witness for Blumenthal) – Guaranteed Maturity Premium

 

Case 1:01-cv-10846-RGS Document 65 Filed 06/02/03 Page 27 of 32