Agents – Page 7 – [BonkNote]

Fee for Services / Consulting Jesse included in his comments an indication that the industry would trend towards levelized commissions and perhaps a fee for the extra service performed in the first year. Didn’t we see that there was an opportunity for the industry to move towards an extra fee with the Universal Life product?…

Focus Groups / Consumer Testing Consumer Disclosure Issues Working Group of the Product Development (A) Task Force – NAIC Focus Groups – NAIC – 2000s A great deal of the confusion seems to stem from a lack of understanding of how cash value insurance products work and a lack of understanding of insurance terminology. Also,…

Signature The working group next discussed the appropriateness of including a requirement for a consumer signature on the document. The group decided it was important not to imply consumer understanding of what was in the illustration but just an acknowledgment of receipt of the illustration. 1994-2, NAIC Proceedings I think the only thing the illustration…

Commissions “compensation patterns and product design” “Special Compensation” – “incidental advice” Renumeration levelized commission program We designed commission rules that anticipated a relatively large number of rollovers of existing policies;. ..full commissions are paid provided the new Universal Life face amount is at least two times the face amount of the replaced policy. — Phillip B. Norton, not…

Performance Benefits Coverage Period Historical Performance Policy Performance, Variability, UL Description Results Outcomes Cost – 2000 – AP – The Nature and Causes of Variation in Insurance Policy Yields: Whole Life and Universal Life, Journal of Insurance Issues, 2000, 23, 1, pp. 30–47, by James M. Carson and Mark D. Forster – 18p The actual versus…

Timing of Disclosures / Information to Consumers Since supplying this information can interfere with the sales process, it would appear much better to give the customer a ten day free look and supply the required information at time of delivery. — Paul J. Overberg 1976 – SOA – Cost Comparisons and Policy Language, Society of Actuaries -…

Agents Agents – Index Training, Knowledge, Ethics, Recruitment, Lawsuits, Government Testimony, Academic papers, FSP Paper, No difference how well-intentioned and honest an insurance man’s advice may be it may prove very expensive and harmful if not based on accurate knowledge. (p28) — Isaac Miller Hamilton, President of the· Federal Life Insurance Company 1914 – Conference…

NAIFA – National Association of Insurance and Financial Advisors, fka NALU Formerly known as NALU (National Association of Life Underwriters) naifa.org belong.naifa.org/history advisor.naifawashington.org/ Gary Sanders (National Association of Insurance and Financial Advisors—NAIFA) agreed that use of the term “cash value” was confusing. 2017 0217 – NAIC – LIBGWG Conference Call While life insurance is not…

LIMRA – Life Insurance Marketing and Research Association limra.com/ limra.com///company/ 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary — [BonkNote] — 10p LOMA, parent organization, LL Global Robert Kerzner “Trends in Life Insurance Ownership” study – <WishList> Our research generally indicates that the public can be best described…