Black Box

  • 1996 – SOA – The Actuarial Black Box, by Sam Gutterman, The Actuary, act-1996-vol30-iss01-gutterman-b – Society of Actuaries – 2p 
  • 2009 0305 – WSJ – AIG’s Black Box The fourth rescue is not a charm, by Author-? – [link]
  • What UL does, among other things, is to let the policyowner or maybe the agent pick the point on the line between these two promises— pick the point that best fits the situation that the agent or the policyowner is in.
    • He can have a high premium policy with lots of dividends if experience does remain good
    • or he can pay a very low premium but have a big risk of increasing the premium if experience does not turn out so well.
    • One thing this ability does, it opens up the traditional 3-factor dividend formula, the black box, so that some of the workings are exposed.
      • That is the good side, the opening up of the black box.

— Bruce E. Booker

1988 – SOA – Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries – 36p

  • A. The Black Box of Life Insurance
    • 6. Life insurance contracts are circular, interrelated series of cash flows into, out of, and within a policy.
    • There are innumerable ways to establish these cash flows…

—  Declaration of Robert E. Wilcox  in Opposition to Plaintiff’s Motion for Class Certification – Former Utah Insurance Commissioner and Chairman of the Life Disclosure Working Group (NAIC)

2012 0313 – LC – Thao v Midland, United States District Court Eastern District of Wisconsin, 2:09-C-1158-LA, Filed 02/11/11, Page 1 of 44