Debatable
Education
Education The educational task is huge, and it’s not just with the customers; it’s with our agents also. I would say to all of you that if you think that you don’t have any customers or any agents who fail to understand what a nonguaranteed illustration really means, you’re kidding yourself. — Walter Miller – <Prudential>…
Read MoreCompanies Changing Systems
Companies Changing Systems It isn’t the paper. But it is costly to change systems. We already have a computer system now that does these things for us. — Vogel 1979 – GOV – Life Insurance Marketing and Cost Disclosure Hearing 819p (417/413) – Moss 1985 – GOV – Tax Reform – Beck recent NAIC -…
Read MoreNeed to Take a Broader Look at How All Products are Explained to Consumers
….need to take a closer look at how all products are explained to consumers. Mr. Schwartzer reminded the Working Group that the Life Insurance Illustration Issues (A) Working Group came out of concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial (A) Task Force was working on guidance for IUL policy…
Read MorePolicy-Taxonomy-How Do You Think About Life Insurance Policies
Policy Taxonomy <Bonk: How do you think about Life Insurance Policies? Another way? Choice A Choice B Choice C
Read MorePlan of Insurance
Plan of Insurance “Plan of Insurance” vs Specific Policy [Plan of Insurance] 2019 0903 – 2019-3, NAIC Life Insurance Illustration Issues (A) Working Group (LIIIWG) – Conference Call Michael Lovendusky, ACLI … said assisting consumers to compare products is outside the scope of the Working Group’s charge, and it would limit innovation and harm consumers.…
Read MoreQ: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other
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…
Read MoreConfusing to People
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…
Read MoreFee for Services / Consulting
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?…
Read MoreUniversal Life as Term
Universal Life as Term Insurance Universal Life: The policy can also be structured to operate like term insurance. California – Life Insurance Guide (Revised March 2018) – insurance.ca.gov/01-consumers/105-type/95-guides/07-life/life-ins-guide.cfm A few companies have introduced a product known as Universal or Total Life. (p70) 1982 – Book – Life Insurance, by Huebner and Black [Bonk: This passage was in…
Read MoreFocus Groups
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,…
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