Agents – Page 6 – [BonkNote]

Agent – Training Agent Training – Walker v LSW 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. [Bonk: Weber = Richard Weber] 2012 1116 – ThinkAdvisor – 11 ways to sell IUL more ethically, By…

Agent – Knowledge I do not think agents understand the product. — Robert D. Hogue, Senior Vice President and Chief Individual Actuary at Maccabees Mutual 1982 – SOA – The Universal Life Update (rsa82v8n22), Society of Actuaries – 16p For a company such as Prudential with thousands of agents, most of whom are not very sophisticated, getting the…

Confusion After receiving these notices, John (Policyowner) contacted Glasgow (Agent) who had retired in 2000, to inquire why his policies would be terminating, even though he had timely paid the premiums on the policies for approximately 18 years. (p5) 2010 – LC – Maloof v John Hancock – 60 So. 3d 263 – Ala: Supreme…

Meaningful Disclosure Teresa Winer (GA) said that disclosure is helpful, but only if it is meaningful. 2019 0917 – NAIC Proceedings (Fall, 6-77) – LIIIWG – Life Insurance Illustrations Working Group …. would they know what that really means in terms of the risk to them and how it would interact with…… — Brian Brosnahan,…

Agents – Snippets 1990s – Agent – Snippets Q Well, the focus on income payments, what he would get after retirement — A You mean policy loans is what we’re talking about. Q All right. The letter refers to income payments, correct? A Um hum. Yes. Q Is there any reference there to policy loans?…

NAIFA / NALU – Snippets 1970s George Hill: In September, 1972, the National Association of Life Underwriters National Council went on record as opposing the adjusted method or any specific formula or index which purports to represent the cost or relative value of a life insurance policy. However, their board of trustees held to its…

Accountability Second, it was observed that ….. there is virtually no accountability for any of the participants in the sale, ..not for the company, not for the agent, and interestingly, the white paper discussed accountability on the part of the purchaser as well. — Robert E. Wilcox, Utah Insurance Commissioner and Chairman of the Life Disclosure Working…

Fiduciary Advice Incidental Advice DOL – Fiduciary Rule – Department of Labor Fiduciary Duty Relationship (p54) – 1:34-1:41 – Eric DINALLO, Superintendent, New York State Insurance Department – Well, I think it’s important for everyone to know there’s a very strong tension between policyholders’ interest and shareholders’ interest in a publicly traded company. The board and management…

Informed Consumer (p33) – Informed consumers are the cornerstone of effective consumer protection. This is particularly true in relation to life insurance with its proliferation of complex products over the past decade. — NAIC – Statement of David Lyons, Iowa Insurance Commissioner (IA), On Behalf of the National Association of Insurance Commissioners 1993 0525 -…

Sales Process 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 Mr. Wright said the Society of Actuaries report referred to the fact that companies said they had no control over what agents…