Insurance Advocate

  • insurance-advocate.com/
  • 2020 1007 – Insurance Advocate – Forbes Advisor Unveils First-Ever Best Life Insurance Companies Awards – [link]
    • Pacific Life was named top life insurance company of 2020, followed by Northwestern Mutual and Penn Mutual Life Insurance Co.
  • 2018 1112 – Insurance Advocate – Why Are So Many Universal Life Insurance Policies Failing?: Neglect and Lack of Attention Deserve Most of the Blame, by Jordan Smith –  [link]
    • Footnotes:
      • 1 2018 0919 – WSJ – Universal Life Insurance, a 1980s Sensation, Has Backfired: A long decline in interest rates caused premiums to soar when they were supposed to stay level, by Leslie Scism – [link]
      • 2 While there have been several instances in recent years where insurance carriers have increased policy charges in order to compensate for their own lower-than-expected investment returns, these increases have spawned a number of class action lawsuits that have largely been resolved or settled in favor of policyholders.
      • 3 Policy illustrations also include an alternate set of “worst case” projections, but these are generally of no value because they’re based on the unreasonable assumption that (immediately after the policy is issued and continuing indefinitely thereafter) the crediting rate is reduced to the minimum rate allowed under the terms of the policy, and at the same time, policy charges are increased to the maximum level allowed under the terms of the policy. Given how infrequently policy charges are ever changed at all, it is understandable why few people take these worst case scenarios seriously.

Foresters

  • 2020 – NYDFS – Financial Condition Report on Examination of the United States Branch of the Independent Order of Foresters as of December 31, 2020 – 20p
    • The Society’s percentage of business sold in 2020 was attributable to the following organizations:
      • Symmetry Financial Group  – 36%
      • [Bonk: IMG – Integrity Marketing Group] – Total – 64%
        • National Agent Alliance – 24%
        • Equis Financial – 22%
        • National Agent Alliance Wholesale Channel – 10%
        • Family First Life – 7%
        • People Helping People – 1%

Mckensy Long

  • 2024 0308 – Mckensy Long – The Most Complete Company Guide for Insurance Agents, Ever! Each Builders Insurance Company Compared – [VIDEO-YouTube-01:41:05]
    • 6 – Pinnacle, 
    • 9 – OG = Primerica
    • Amount of Agents
    • 14 – Most of the companies stem from Primerica
    • 15 – Ownership
    • 41 – Compensation, High Turnover, 
    • 01:03:00 – Leads
    • 01:05:00 – Company Leadership
      • Best
        • WFG – Because of Ed Mylett
        • PHP – Because of PBD – Patrick Bet-David
    • 01:08:00 – Eric Olson, GFI – Pinnacle
    • FFL – Shawn Meaike, Founder – Compensation – 
  • [Eric Olson / GFI and  World Financial Group (WFG)]
    1. 2024 0207 – Mckensy Long – ERIC OLSON – “Why I left $1,000,000 Per Month Income” Live Stream Watch Party – [VIDEO-YouTube-36:25]
    2. 2024 0209 – Mckensy Long – Eric Olson Sues WFG Full Court Filing; Paul Hart’s Resignation; 10 DOES in WFG Also Sued – [VIDEO-YouTube-52:04]
    3. 2024 0212 – Mckensy Long – WFG Sues Eric Olson Back; GFI Comp Plan; 50 DOES Involved In Breach of Contract – [VIDEO-YouTube-01:06:20]
    4. 2024 0214 – Mckensy Long – WFG Restraining Order on Eric Olson’s Raid; WFG Responds To Olson Lawsuit; Papa Kapp to GFI – [VIDEO-YouTube-01:01:45]
    5. 2024 0216 – Mckensy Long – GFI Contract; GFI Agent Agreement; Cofield Recruiting Video Mentions Ownership – [VIDEO-YouTube-01:01:15]
    6. 2024 0219 – Mckensy Long – GFI Global Financial Impact LLC Lawsuit; WFG Sues GFI; Misleading and Poor Marketing – [VIDEO-YouTube-57:55]
    7. 2024 0223 – Mckensy Long – GFI Agents Say WFG Abandons Widow; Cofield’s Post & Her Response Video – [VIDEO-YouTube-34:40]
    8. 2024 0226 – Mckensy Long – Eric Olson Restraining Order DENIED; Big Win for Eric; Sightings of EMD “HIDDEN” Agent Contract – [VIDEO-YouTube-01:10:03]
    9. x – 2024 0228 – Mckensy Long – WFG Discovery Requests Interrogatories, Documentation and Subpoenas; Judge GRANTS Discovery of GFI- [VIDEO-YouTube-01:19:15]
    10. 2024 0228 – Mckensy Long – Olson’s “Object!” to Discovery & Ask for Discovery of Their Own – [VIDEO-YouTube-38:45]
    11. 2024 0227- Mckensy Long – GFI EMD Contract – Let’s See What’s in it! – [VIDEO-YouTube-18:15]
    12. 2024 0227 – Mckensy Long – Eric Olson’s WFG Termination Letter; Why Was He Terminated?! – [VIDEO-YouTube-12:55]
    13. 2024 0301 – Mckensy Long – Former Agents Leak; Confirming Allegations in WFG Discovery; Slack Chat; NDA’s… WFG Was Right – [VIDEO-YouTube-01:00:50]
    14. 2024 0306 – Mckensy Long – Eric and Sandra Olson Filed to dismiss; Judge TERMINATED request; Going to Trial – [VIDEO-YouTube-01:19:40]

Compulife v. Rustein

  • 2017 – LC – Compulife v. David Rutstein  —  [BonkNote]
  • govinfo.gov/app/details/USCOURTS-flsd-9_16-cv-80808/context
    • 2017 0629 – Case 9:16-cv-80808-BER Document 123 – ORDER denying 68 Compulife’s Motion for Summary Judgment. Signed by Judge Robin L. Rosenberg on 6/29/2017 – 
    • 2021 1201 – ORDER re: Notice of Intent to Correct Final Judgment. Responses due 12/15/21. Signed by Magistrate Judge Bruce E. Reinhart on 12/1/2021. See attached document for full details. (hk02)
  • 2018 – LC – Compulife Software v. Binyomin Rutstein
    • Original Case 9:16-cv-80808
    • 18-12007 | U.S. Court of Appeals, Eleventh Circuit
    • Filed May 14, 2018
    • Nature of Suit 3820 Copyright

    • 2020  0522 – lawstreetmedia. – Eleventh Circuit Vacates in Insurance Database Hacking Case, by Kirsten Errick – [link]   

    • davidrutstein.com/ – by Robert L. (Bob) Barney President, Compulife Software – Lawsuit

David Hippen

  • When universal life was first popularized about 20 years ago, there was considerable controversy with regard to nonforfeiture compliance.
    • Was it term plus a side fund?
    • Whole life with flexible premiums?
    • Or something entirely different?

2001 – SOA – Universal Life, No-Lapse, and the Law vs. Free Markets, by David J. Hippen, Actuary at the Florida Insurance Department, frn-2001-iss45-hippen – Society of Actuaries – 5p

Douglas Doll

  • 1994 05 – SOA – Factuaries: Douglas Doll, The Actuary, Society of Actuaries – 2p
    • 1994 – Life insurance consultant at Tillinghast/Towers Perrin
  • With this product, the mechanic is “unbundled” and open.
  • But events that are now observable may be misinterpreted.
    • [Bonk: “this product” = Universal Life]

—  Douglas Doll 

1988-2, NAIC Proceedings

  • Finally, I just would like to make a small pitch for the “mystique” of whole life.
    • If we come up with a retrospective approach for nonforfeiture, then we are hastening the viewpoint that life insurance, no matter what kind is nothing more than term insurance plus a side fund.
  • I think the industry has some vested interest yet in keeping the impression that there is more to it than that.
    • It is not just term insurance plus a side fund.
  • If it is strictly term insurance plus a side fund, then we weaken our arguments for favorable tax and regulatory treatment.

—  Douglas Doll

1989 – SOA – Status Report on Standard Nonforfeiture Law Revisions, Society of Actuaries – 14p

  • 1988-2, NAIC Proceedings – (p411) 
    • Date: May 16, 1988
    • To: Dave Becker
    • From: Doug Doll
    • Subject: Fixed Premium Universal Life
    • In the traditional product no one can “see” the inner workings where mortality, interest, and expense are at work to produce the dividend scale.
      • As a result, the magnitude and incidence of dividends must be accepted by the buying public and the regulatory bodies.
      • And they are relying on the company to follow the contribution principle.
    • In fixed premium universal life the mechanic is open for inspection.
      • But events that are now observable may be misinterpreted.
  • 1998 – Book – The Fair Value of Insurance Liabilities
    • Fair valuation of life insurance company liabilities, by Douglas C. Doll, C. Phil Elam, James E. Hohmann, Jacqueline M. Keating, Douglas S. Kolsrud, Karen Olsen MacDonald et al. Pages 21-126

18 May 1994, Wed The Courier-Journal (Louisville, Kentucky) Newspapers.com

18 May 1994, Wed The Courier-Journal (Louisville, Kentucky) Newspapers.com

Michael Mateja

  • 1995 0905 – LC – Ferguson v. Crown Life and William Casteel – V14of23 – 244p  —  [BonkNote]
    • MICHAEL E. MATEJA (Continued)
      • Direct Examination (Contd.) by Mr. Becker———2740
      • Cross-Examination by Mr. Bostwick—————-2790
      • Cross-Examination (Contd.) by Mr. Bostwick——-2826
      • Redirect Examination by Mr. Becker—————-2870
  • 1998 – LC – Crown Life v. Casteel – 98-0218  —  [BonkNote]
  • 1987 – SOA – Research of the Committee on Valuation and Related Areas, rsa87v13n4b11 – Society of Actuaries – 28p
    • Reports were given by the chairmen of the following Task Forces:
      o C-I Risk – Irwin Vanderhoof
      o C-2 Risk – Dan McCarthy
      o C-3 Risk – Pete Deakins
      o Combination of Risks – Mike Mateja
  • Michael MATEJA: I’d like to make two points.
    • First, I’m going to use the words actuarial science and say I think your charge is to provide SOP with regard to the implementation of actuarial science by the members of the profession. If I’m wrong in that regard, then maybe what I have to say would not be appropriate.
      • When regulators, in their wisdom, find ways to implement public policy and they, in effect, put down something that is not actuarial science, then I don’t think it’s your job to implement it by promoting standards.
      • What I see embedded in this sales illustration regulation is nothing like actuarial science. I would tell you to steer clear of it. We have no reason to have a standard for it.
      • You have great leverage, by virtue of your position. You can say, “No, we’re not going to tell actuaries to practice in such a way because it really doesn’t make sense.” I think you need to use that leverage at appropriate times and, in effect, could influence the conduct of the regulators.

1995 – SOA – Actuarial Standards Board (ASB): Current Hot Topics, rsa95v21n4a32 – Society of Actuaries – 18p

FTC – Federal Trade Commission – Index

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Jail

  • David Rutstein – The People that are running your company may end up in jail.
  • 20 – Sahid – So, you are saying that Patrick Bet-David who is worth 500 Million dollars is going to end up jail?
    • And the same … did the partnership with Integrity Marketing, a company that is worth over 20 Billion Dollars.
    • So, what you are telling me is that these companies pretty much have Shit Lawyers and Attorneys?
    • Because if that was the case the company would have then been sued.
  • [Bonk: Business Opportunity, Earnings Claims]

2023 1006 – Family First Life Lawsuit Witnesses – PHP Agency Recruiter Interviewing Job Applicant – Scamming New Agents!  —  [BonkNote]  —  [VIDEO-YouTube-34:17]

  • 2024 0312 – David Rutstein / Gus Fox – Family First Life Agent Who Was Scammed Explains that Shawn Meaike is a Sociopath – FFL – [VIDEO-YouTube-01:50:23]
    • 8 – Jail – Shawn Meike – Elder Abuse – Churning
  • (p139) – CEPA – Crime and Lawlessness in the Market Place. Statement to National Consumer Protection Hearings of Federal Trade Commission, Washington, D.C., Thursday, November 21, 1968, By Max Weiner, Educational Director, Consumers Education And Protective Association
    • Hundreds of millions of dollars have been stolen by fly-by-night insurance companies from policyholders.
    • Uncounted hundreds of millions in unpaid claims, representing tragic and helpless victims of accidents left uncompensated, have resulted from the operations of insurance swindlers.
    • Few, if any, of the insurance swindlers have gone to jail.
      • Instead, with money siphoned off from the companies they fleeced they have entered other lucrative fields and continue to defraud and swindle.

1968 11 – FTC – National Consumer Protection Hearings, Federal Trade Commission  —  [BonkNote]  —  [PDF-398p – GooglePlay]

2015 0428 – GOV (Senate) – The State of the Insurance Industry and Insurance Regulation – Richard Shelby (R-AL)

  • The State of the Insurance Industry and Insurance Regulation, Richard Shelby (R-AL)  —  [BonkNote]
    • [PDF-56p, VIDEO-Senate] – <mp3, mp4> – T
    • Woodall, McCarty, McRaith, Mark Van Der Weide
    • NAIC – Kevin M. McCarty, Commissioner Florida Office of Insurance Regulation, On Behalf of the National Association of Insurance
      • The fundamental tenet of our U.S. system is to protect policyholders by ensuring the solvency of the insurer and its ability to pay insurance claims. Written Testimony – (p2) – 6p
    • Examining The Unique Aspects Of The Insurance Industry, The Development And Implications Of Domestic And International Capital Standards, And Evaluate The Current State Of Insurance Regulation In The United States And Abroad
    • Senate – Committee on Banking, Housing, and Urban Affairs
  • Richard Shelby (R-AL) – Chair
    • As a liability-driven business, insurance often has long-term cash flow patterns compared to shorter-term activities at banks.
      •  Consequently, current law fails to adequately account for the business model and risk profile of insurance companies, and that should concern us all.
  • Response To Written Questions of Senator Shelby from Richard Bouhan (Executive Director, National Association of Professional Surplus Lines Offices)
  •  (p355) – Q.1. Will you please explain why you believe Federal legislation is needed to streamline the regulation of surplus lines insurance? 
  • Q.2. Why should we not leave it to the NAIC to accomplish this task?
  • A.2. The simple answer is that the NAIC cannot solve the problem.
    • It neither has the history nor is it, as a trade association representing state insurance regulators, structured to do so.
    • Moreover, the NAIC has no regulatory or enforcement authority that would allow it to accomplish this task.