Robert Nelson

  • I sincerely believe we have a flawed instrument in today’s sales illustrations.
  • …we did not communicate the impact of change as well as …we should have.
  • Our biggest mistake would be to delay.
  • ⇒  I don’t believe the consumer will tolerate or forgive us, let alone the regulators, if we do nothing.

—  Robert Nelson, Chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations – [Bonk: Currently NAIFA]

1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries – 28p

  • I’m not saying that we are trying to circumvent the system, but consider for a minute that I don’t sell a  considerable amount of insurance by saying, “Let me tell you all that’s wrong with this product.”
    • “In addition, let me clearly explain the risk that you are about to assume.”
  • So where in the ideal sales process does this get communicated?

 —  Robert Nelson, [Bonk: NALU, Currently NAIFA]

1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries – 28p

  • I’d like to stress that agents don’t pretend to know the answers.
  • It is our intent to ask for your help because we’re currently living with problems that lack solutions.

—  Robert Nelson, Chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations – [Bonk: Currently NAIFA]

1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries – 28p

  • Mr. Morgan also asked what percentage a field agent was allowed to use in an illustration and Mr. Nelson responded that it could not be larger than what was currently being paid, but in a declining market that may not be a valid projection of future results.  (p251)

1993-1, NAIC Proceedings

  • Mr. Morgan – Noel Morgan (Ohio)
  • Mr. Nelson – an insurance agent from Nebraska who is chair of the National Association of Life Underwriters Sales Illustrations Task Force (NALU) – [Bonk: Currently NAIFA]