Agents

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…

Marketing …a great deal of our problem is caused because the people out there marketing our life insurance products are trying to market it against and like mutual funds. Until we start to market it as life insurance and describe it and teach the consumers about life insurance, they’re not in any position to make…

Suitability There should be suitability rules in place, particularly for cash value life insurance policies to assure that sales of proper products are made. (p14) — J. Robert Hunter 2003 0506 – GOV (House) – Increasing the Effectiveness of State Consumer Protection – [PDF-123p, VIDEO-?] 2000 – NAIC – Suitability of sales of life insurance and…

Q: How Can Universal Life be Classified? Permanent / Whole / Cash Value / Term / Other Why is Universal Life called Permanent or Whole Life? Maybe Universal Life Shouldn’t be Called Permanent or Whole Life How Else Could Universal Life Be Explained? NAIC Drafting Note: Although highly flexible, Universal Life insurance is generally considered…

Confusing If we are going to have a group of consumers of our products who are satisfied with what they get, we have to meet their expectations. Obviously, there are two adjustment points whereby that can be accomplished. One is that you can change the outcome to match the expectations. The other is to change…

Agents – Snippets

NAIFA / NALU – Snippets

Accountability

Fiduciary

Informed Consumer

Sales Process

Marketing

Suitability

Q: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other

Confusing to People