Consumer

Consumers Policyholder Most common citizens just don’t understand policy terms. You have to have faith,” said he to his commissioner. You have to have faith or trust that the agent is telling you the truth or explaining it correctly to you. 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life…

Shopping for Life Insurance Judy Faucett* responded that people spend more time buying a microwave than they do an insurance policy. *Actuarial Consultant to the NAIC 1994-1, NAIC Proceedings 2018 1009 – NAIC – LIIIWG, Life Insurance Illustrations Working Group – [Bonk: Not in NAIC Proceedings] Goal of Policy Overview Birny Birnbaum (CEJ) – Shopping…

Consumer Education <1> We want you to know that Financial Education is important, but that many other groups are better situated to design deliver and evaluate education than NAIC is. We think NAIC’s most important role in Retirement Security is to make sure that consumers can safely buy well-designed insurance products in stable insurance markets.…

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 -…

Informed Consumer 2016/4/3 – Life Insurance Illustrations Working Group Conference Call – NAIC Proceedings ……consumers being better able to understand the product performance…… ……need to take a broader look at how all products are explained to consumers…….. 2016 vs. 1982 1982 Proc. II 359-360 – Universal Life Model Regulation – Citations The Universal…

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…

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…

Underwriting 1952 – The Professional Concept of Life Underwriting, By Solomon S. Huebner – <WishList> -ia800205.us.archive.org/17/items/copyrightrenewals1923-1964/1980.txt 21May52, The American College 1959 – SOA – Discussion of Subjects of Special Interest: Underwriting, Society of Actuaries – 8p 2020 – SOA – Validating Algorithmic Underwriting Models – Expert Panel Report, Society of Actuaries – 13p 2021 – SOA -…

Consumer

Shopping

Consumer Education

Accountability

Fiduciary

Informed Consumer

Informed Consumer-2

Sales Process

Confusing to People

Underwriting