The first edition in 1946 was published by the Institute of Life Insurance in New York City.
In 1975, the Institute of Life Insurance merged with the American Life Insurance Association to become the American Council of Life Insurance, and later, the American Council of Life Insurers (ACLI).
Senator Blake Tyler Newton, Jr. would become the first president of the ACLI, having previously served as president of both associations.
That same year, the Fact Book was seamlessly transitioned into the newly merged ACLI, where it continued to be published and distributed for a fee, but now from the new headquarters in Washington, D.C.
2006 0524 - IASB - Paper 4A: Universal Life Contracts - 37p
Purpose of this paper
1. This paper discusses the treatment of universal life contracts.
What is universal life insurance?
5. The American Council of Life Insurers (ACLI) defines universal life insurance (or adjustable life) as ‘A type of permanent life insurance1 that allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.
This policy also permits you to reduce or increase the death benefit more easily than under a traditional whole life policy.
To increase your death benefit, the insurance company usually requires you to furnish satisfactory evidence of your continued good health.’2
1 The ACLI defines permanent life insurance as ‘Life insurance designed to provide lifelong financial protection.
As long as you pay the necessary premiums, the death benefit will be paid.
Most permanent policies have a feature known as cash value that builds up, tax deferred, over the life of the policy and can be used to help fund financial goals, such as retirement or education expenses.’
2004 - Report - ACLI / IAA - Renewal Premiums and Discretionary Participation Features of a Life Insurance, A Joint Research Project - 52p
FASB - SFAS 97 - Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments.