Agents
Big I – Independent Insurance Agents & Brokers of America
Big I – Independent Insurance Agents & Brokers of America IIABA independentagent.com/default.aspx 2004 0929 – Big I – Big “I” Strongly Supports Legislation Curbing Questionable Life Insurance Sales Practices – [link] The Independent Insurance Agents & Brokers of America (the Big “I”) today praised the House Financial Services Committee for its quick approval of H.R. 5011,…
Read MoreNAIFA / NALU – People
NAIFA / NALU – People William N. Albus Jack E. Bobo 1970s – Executive Vice President of the National Association of Life Underwriters (NALU). 1979 – SOA – Cost Disclosure (Moss Report), Society of Actuaries – 18p https://at.naifa.org/legendary-naifa-leader-jack-e.-bobo-has-passed-away Thomas Gregg Robert Nelson 1990s – Chairperson of the National Association of Life Underwriters (NALU) Task Force on Illustrations…
Read MoreNAEPC – National Association of Estate Planners & Councils
NAEPC – National Association of Estate Planners & Councils naepc.org/ naepcjournal.org/wp-content/uploads/issue36.pdf by Kathryn A. Ballsun, Patrick J. Collins, and Dieter Jurkat, San Raphael, California (Part 1 of 4) – 2006 – ACTEC – Trustee Administration of Life Insurance – 22p (Part 4 of 4) – 2006 – ACTEC – ILIT Asset Management: The Written Investment…
Read MoreNAILBA – National Association of Independent Life Brokerage Agencies
NAILBA – National Association of Independent Life Brokerage Agencies nailba.org/ nailbacasemanager.com/courses/life-insurance-overview/ 2010 – NAILBA – Brokerage Desk Reference – 179p 2018 – NAILBA – Field Underwriting Guide Version 4.0 – 266p https://nailba.memberclicks.net/assets/2021DOCUMENTS/NAILBA_Media_Kit_2021.pdf https://www.thinkadvisor.com/2021/06/28/new-law-to-boost-life-policy-savings-power-carrier-executives/ (p40) – Adjustable Life Insurance—An adjustable life insurance product contains all the usual features of traditional cash value insurance with the added flexibility…
Read MoreConsumer Buying Process
Consumer Buying Process Judy Faucett responded that people spend more time buying a microwave than they do an insurance policy. 1994-1, NAIC Proceedings The product is complex and confusing. The following factors must be considered in the rational selection of life insurance: (1) Amount of coverage needed. (2) Understanding of the basic workings of various…
Read MoreQ: What Do Agents Say to Consumers?
Q: What Do Agents Say to Consumers? The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p Sales Process Some of the comments that we have heard from regulators about the illustration situation suggest…
Read MoreProblem – Agents
Problem – Agent I sincerely hope that we take a look at the agent and his role in this entire process. Somehow I think we need to tie in the actuarial profession with various agents’ professional organizations, so that if the agent does in fact bastardize an illustration and make it completely unrealistic, he is…
Read MoreAgent Training – Walker vs. LSW
Agent Training – Walker v LSW (p28) – <Not in front of Jury>, also p49 MR. SHAPIRO (Defense Attorney): This is a diffuse atomistic sales force. We don’t require a lot. — There is very good reasons for that. It’s not a unique business model. Perhaps other businesses run other ways, but beyond essentially telling folks…
Read MorePremiums, Costs, Values and Benefits – Agents
Premiums and Benefits – Agents JEFFREY STEMLER, Agent: This is — when we are sitting down talking about insurance, we try to explain to the prospects exactly how the insurance works. So this is part of our talk that we give to explain how it works. So this would be a build slide. This didn’t…
Read MoreQ: How Do Agents Use Life Insurance Illustrations?
Q: How Do Agents Use Life Insurance Illustrations? How do Agents use these? It would be good to hear from agents. — Richard Wicka, WI-Chair) 2018 12 – NAIC – Life Insurance Illustrations Issues Working Group 2017 – State Farm Agent Training / Van Mueller Approximately 2:11 – “I don’t ever use an illustration.” See…
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