Debatable
Run on the Life Insurance Company
Run on the Life Insurance Company Run (p47) – Dennis ROSS (R-FL). There hasn’t been a run on life insurance, has there? Are people all of a sudden going to go and cash in their life insurance policies? Because if they are, then our serious consequences for economic structure are way out of line. 2015…
Read MoreGames, Gimmicks and Tricks
Games, Gimmicks and Tricks Why is this flimflammery allowed to continue? Where are the laws to prevent companies from misleading people? (p3) — Senator Howard Metzenbaum (D-OH) 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH) — [BonkNote] It is my recollection and understanding that AG 49 was created in…
Read MoreBTID – Buy Term Invest the Difference
BTID – Buy Term and Invest the Difference A. L. Williams, Term-ites, Universal Life Insurance In the last two years a new product has surfaced – combining the buy term and invest the rest into one product which is tax sheltered from the buyer’s point of view. This product is the so-called Universal Life. — …
Read MoreShopping
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…
Read MoreQ: What’s the Problem That We Are Trying to Solve?
Q: What’s the Problem That We Are Trying To Solve? *Robert E. Wilcox: What’s the real problem then, Shane? Shane Chalke: I’ll say before I answer that I don’t have a good answer. 1995 – SOA – Current Developments Surrounding Regulations and Standards of Life and Annuity Products, Society of Actuaries – 18p ⇒ *Robert…
Read MoreInformed Consumer
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 -…
Read MoreLook – Blumenthal Deposition
Look – Blumenthal Deposition 2009 – LC – Blumenthal v New York Life — [BonkNote] In my experience very smart people don’t really know what all the components mean. I feel like it does lead to confusion. So, I think … if you can refer to the eventual illustration and just show the cash value. — Teresa…
Read MoreQ: Is it Accurate to Call Universal Life a Whole Life Policy…..Maybe Not….
Q: Is it Accurate to Call Universal Life a Whole Life Policy? Maybe…Maybe Not…. Who refers to Universal Life as Whole? As long as you pay the premium Permanent insurance is a term used only by the industry – not by consumer educators. We would prefer – Life insurance comes in two basic types: Term…
Read MoreInformed Consumer-2
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…
Read MoreIssues and Debates
Issues and Debates ABCDEFGHIJKLMNOPQRSTUVWXYZ# A As long as you pay the premium Back to top B Bait and Switch BTID – Buy Term Invest the Difference Back to top C Change Without Damage Commissions Companies Changing Systems Complaints Confusing to People Confusion Copy of Q: How Can Universal Life Insurance Be Classified? Permanent / Whole…
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