Comments About – Agents

  • MR. GRIGG:  For a company such as Prudential with thousands of agents, most of whom are not very sophisticated, getting the agent to understand the new products and how these products can be used is essential to the success of a new product.

1987 – SOA – Product Development Process — Bringing New Products To Market Quickly And Efficiently, Society of Actuaries – 22p

  • The educational task is huge, and it’s not just with the customers; it’s with our agents also. 
    • I would say to all of you that if you think that you don’t have any customers or any agents who fail to understand what a nonguaranteed illustration really means, you’re kidding yourself.

—  Walter Miller, Prudential

1991 – SOA – Illustrations, Society of Actuaries – 20p

  • Bob Wright (Virginia) said the Society of Actuaries report referred to the fact that companies said they had no control over what agents did.
  • Chair of the LDWG – Life Disclosure Working Group – (A) – NAIC  —  [BonkNote] 

1994-4, NAIC Proceedings

⇒  1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries  —  [BonkNote]  —  142p

  • My Correspondence with Lafayette Life
    • On June 21, 2019, I sent a letter by regular mail to Bryan Chalmer Dunn, the president and chief executive officer of Lafayette Life. I asked several questions about the relationship between Yellen and Lafayette Life. I asked for a response by the close of business on June 28.
  • Text of July 2 Email from Planck to Belth
    • Lafayette Life’s products are sold through independent agents and independent marketing organizations.
      • Our role is limited to providing life insurance policies and annuity contracts.
      • We do not endorse or sponsor any selling system nor do we develop, advertise or promote the marketing content or materials for any selling system.
      • We do not inquire about, attempt to determine, or identify in our systems whether any independent agents appointed to sell our products are users of any specific selling system.
    • Please be assured that Lafayette Life makes it clear through our contracts with those selling our products and disclosures to our customers that our life insurance policies and annuity contracts are insurance products.
  • General Observations
    • Lafayette Life appears to take no interest in or responsibility for the methods used by the independent agents who sell its policies.
    • Further, I think the same can be said about many if not all other companies that sell their policies through independent agents.
    • In my opinion, this is a matter of serious concern, for two reasons.
      • First, sales methods may be deceptive, misleading, or otherwise unfair to consumers.
      • Second, companies and state insurance regulators may find it difficult to police the sales methods used in the field by independent agents.

2019 0712 – Commentary – Joseph Belth – No. 322: Pamela Yellen-Her Unbelievable “Bank-on-Yourself” Wealth-Building Strategy – [link]