Richard Weber

  • 2023 11 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 1, by Richard M Weber and Gerard J. Vanderzanden - Vol. 77, No. 6 - p31-36 - [link]
  • 2024 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 2, by Richard M Weber and Gerard J. Vanderzanden - Vol 78, Issue 2 - p29-34 - [link]
  • 2023 0321 - NAIC/Consumer Liaison Committee - 6p
    • (p3-4) - Richard Weber (Life Insurance Consumer Advocacy Center—LICAC)
    • 5. Heard a Presentation Calling Attention to the Dilemma of Current Assumption Policy Illustrations
    • 2023 0323 - ThinkAdvisor - Advisor Tells Regulators That Life Illustrations Are Just Too Simple, By Allison Bell - [link]
  • 2023 1130 - NAIC Proceedings - NAIC/Consumer Liaison Committee - 21p
    • p6 - 9. Heard a Presentation on How Much Life Insurance Purchased in the U.S. Becomes a Death Claim - Richard Weber
    • Richard Weber (Consumer Representative) provided a presentation based on the paper Lapse-Based Insurance, published in 2016 and updated in 2021. The paper was written by David Gottlieb (London School of Economics and Wharton School, University of Pennsylvania) and Kent Smetters (Wharton School, University of Pennsylvania).
    • Weber said most individual life insurance policies lapse before expiration.
      • Weber said between 1990 and 2010, there were $30.8 trillion in life insurance issued and $24 trillion in life insurance lapses.
      • Weber said 25% of permanent insurance policyholders lapse within just three years of first purchasing their policies, and 40% lapse within 10 years.
      • Weber said nearly 88% of universal life policies ultimately do not terminate with a death-benefit claim, and almost 85% of term policies fail to pay a death claim.
    • 2021 (Update) - AP - Lapse-Based Insurance.  American Economic Review, 111 (8): 2377-2416, by Daniel Gottlieb and Kent Smetters - 101p
  • (p521) - Mr. Weber suggested that the illustration show ... how the policy values are paying the premium.
  • Mr. Morgan said that this issue needs specific attention because many complaints were received in the state insurance departments on this issue.  

* Richard Weber, Merrill Lynch Life

1994-3, NAIC Proceedings - Life Disclosure Working Group – NAIC

  • Linda S. Streck: I think the response from the NAIC to the illustration issue is somewhat of a hard hammer for all of us.
    • In a session at this meeting, Dick Weber, who is now with Merrill Lynch, made the comment that, when we made illustrations available to the agents, that was when we, as actuaries, lost control of the product development function.

1994 - SOA - The Driving Forces Behind Participating/Universal (UL) / NonGuaranteed Element Product, Society of Actuaries - 12p 

  • 2005 - When is a Premium Not a Premium?, by Richard Weber - 4p
    • The dilemma is in the very use of the word “premium.”
    • You probably first think of what you pay for car insurance or disability insurance: you get a quote – and if “shopping” – often choose policies on the basis of the best price.
      • You then pay that “premium,” and you’ve got your coverage.
      • But many of today’s life insurance policies don’t actually have a “premium!”
    • 2005 - JFSP - Journal of Financial Service Professionals - When is a Premium Not a Premium?, by Richard Weber, Journal of Financial Service Professionals,  Vol. 59, Iss. 4,  (Jul 2005): 34-37 - <WishList>
    • 2023 11 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 1, by Richard M Weber and Gerard J. Vanderzanden - Vol. 77, No. 6 - p31-36 - [link]
    • 2024 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 2, by Richard M Weber and Gerard J. Vanderzanden - Vol 78, Issue 2 - p29-34 - [link]
  • Date-? - Charity-Owned Life Insurance: An Objective Primer for Planned Giving Officers, by Richard Weber - 84p
  • <WishList> - 2005 - JFSP - Weber, Richard M. , Journal of Financial Service Professionals; Bryn Mawr Vol. 59, Iss. 4, (Jul 2005): 34-37 - <WishList>
  • Life Insurance as an Asset Class, by Richard Weber - 23p
  • 2012 1116 - ThinkAdvisor - 11 ways to sell IUL more ethically, By Bill Coffin - [link]
    • Focus on professional sales training. Insurance carriers have not focused on training for years, Weber said, and there is a whole generation that does not know how to sell professionally.
  • 2019 0514 - Leimberg - Are You in Good Hands?, by Richard Weber - 25p
    • 2019 0529 - Joseph Belth - No. 314 - Indexed Universal Life Policies—The Views of Two Prominent Professionals About the Risks for Buyers - [Lawrence Rybka and Richard Weber] - [link]
      • 2019 10 - NAEPC JOURNAL - How to Retire in the Magical Retirement Income in the Clouds, Issue 32, by Lawrence J. Rybka, J.D., CFP® - 11p
  • 2020 - JFSP -  Life Insurance Suitability, by Richard Weber - [link] 
  • 2022 0914 - InsuranceNewsNet - The Advisor’s Guide to Client Risk and Insurance, by Richard Weber - [link]
  • 2022 1101 - insurancenewsnet - Today’s selling and buying environment requires new standards, by Richard Weber - [link]
  • 2023 0321 - NAIC/Consumer Liaison Committee - 6p
    • (p3-4) - Richard Weber (Life Insurance Consumer Advocacy Center—LICAC)
    • 2023 0323 - ThinkAdvisor - Advisor Tells Regulators That Life Illustrations Are Just Too Simple, By Allison Bell - [link]
    • Weber provided some simple graphic views of variable universal life policies and said an illustration showing a $5,900 annual premium with an illustrated rate of return of 10% had only an 8% probability of success of actually covering a policyholder until age 100.
      • Weber said consumers should buy policies based on the probability of success rather than the lowest premium. Weber said a policy with a constant illustrated rate of return of 4.4% would need an annual premium of $16,500 to reach a 99% probability of success.
  • 2023 1130 - NAIC Proceedings - NAIC/Consumer Liaison Committee - 21p
    • p6 - 9. Heard a Presentation on How Much Life Insurance Purchased in the U.S. Becomes a Death Claim - Richard Weber
      • Richard Weber (Consumer Representative) provided a presentation based on the paper Lapse-Based Insurance, published in 2016 and updated in 2021. The paper was written by David Gottlieb (London School of Economics and Wharton School, University of Pennsylvania) and Kent Smetters (Wharton School, University of Pennsylvania).
      • Weber said most individual life insurance policies lapse before expiration. Weber said over 70% of U.S. families own life insurance, and annual premiums exceed $110 billion.
        • Weber said between 1990 and 2010, there were $30.8 trillion in life insurance issued and $24 trillion in life insurance lapses.
        • Weber said 25% of permanent insurance policyholders lapse within just three years of first purchasing their policies, and 40% lapse within 10 years.
        • Weber said nearly 88% of universal life policies ultimately do not terminate with a death-benefit claim, and almost 85% of term policies fail to pay a death claim.
      • 2016 - AP - Lapse-Based Insurance, by Daniel Gottlieb and Kent Smetters - 83p
        • This paper was previously titled - 2012 - NBER - Narrow Framing and Life Insurance, Working Paper 18601 - by Daniel Gottlieb and Kent Smetters - 38p 
      • 2019 - AP - Lapse-Based Insurance, by Daniel Gottlieb and Kent Smetters - 100p
      • 2021 (Update) - AP - Lapse-Based Insurance.  American Economic Review, 111 (8): 2377-2416, by Daniel Gottlieb and Kent Smetters - 101p
  • 2023 11 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 1, by Richard M Weber and Gerard J. Vanderzanden - Vol. 77, No. 6 - p31-36 - [link]
  • 2024 - JFSP - Journal of Financial Service Professionals - When Is a Premium Not a Premium: Part 2, by Richard M Weber and Gerard J. Vanderzanden - Vol 78, Issue 2 - p29-34 - [link]
     
  • 2009 - LC - Helton v. Am. Gen. Life Ins. Co.
    • casetext.com/case/helton-v-am-gen-life-ins-co-1
    • 4:09-CV-00118-JHM (W.D. Ky. Jun. 4, 2013) 
      • MEMORANDUM OPINION AND ORDER
        • This matter is before the Court on Defendant Lawrence Rasche's motion to exclude the opinions and testimony of Plaintiffs' expert, Emily Will [DN 277] and Defendant American General's motion to exclude expert testimony of Richard M. Weber, Burke A. Christensen and Emily J. Will. [DN 284]. Fully briefed, these matters are ripe for decision.
      • I. BACKGROUND
        • This case stems from the sale of financed premium life insurance plans by Defendants American General Life Insurance Company ("American General") and its agent Lawrence Rasch ("Rasch").
          • Under these plans the insurance premiums are financed through bank loans.
  • Adjustable Life insurance policies are essentially whole life policies that within limits have the premium and death benefit flexibilities of UL.
    • Unlike UL, these policies are not “transparent” and contain non-forfeiture values.
    • Policy premiums and death benefits can be adjusted along a continuum ranging from limited pay policies on a guaranteed basis to term insurance for limited durations. 
    • These policies have had a rather limited distribution, as they were only sold by a small number of insurance companies.

Date-? - Charity-Owned Life Insurance: An Objective Primer for Planned Giving Officers, by Richard M. Weber and Randy A. Fox - 84p