Illustrations
LIIIWG – Life Insurance Illustrations Issues Working Group – (A) – NAIC – Ad Hoc Group
LIIIWG – Ad Hoc Group Questions / Observations / Stuff – Who were the members of the Ad Hoc Group? Specific names – What Information was gathered? How was the Information gathered? 5/17/2016 LIII WG 2016-2 If the summaries are able to be shared, Mr. Wicka suggested, and the Working Group agreed,…
Read MoreThe Actuary – Illustrations
The Actuary – Illustrations 1988 The Actuary Illustrations a Call to Action Daphne Bartlett
Read MoreLife Insurance Illustrations Model Regulation – LIIMR – 582 – NAIC Proceedings – Citations
Life Insurance Illustrations Model Regulation – LIIMR – 582 – NAIC Proceedings – Citations NAIC Model Laws, Regulations, Guidelines and Other Resources—January 2011 LIFE INSURANCE ILLUSTRATIONS MODEL REGULATION – PC-582-1 Proceeding Citations – All references are to the Proceedings of the NAIC — [BonkNote] 1993 Proc. IB 794 In November 1992 a working group [Life…
Read More4 – Illustrations
4 – Illustrations NAIC – Current / Recent Working Groups 11/14-15/2014 LATF 6-63 Anthony Ferraro (New York Life) said that one of the goals of the Life Insurance Illustrations Model Regulation (#582) is to make sure that illustrations do not mislead consumers. ………………………… He emphasized that it is important that the accumulated cash flows…
Read More1993 – SOA – Sales Illustration – We Can’t Live With Them, But We Can’t Live Without Them!, Society of Actuaries — 28p
1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them! – Snippets 1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries — [BonkNote] — 20p Judy Faucett, former chairperson of the Society Task Force on…
Read More1992 – SOA – Life Insurance Sales Illustrations – Society of Actuaries – 16p
1992 – SOA – Life Insurance Sales Illustrations – Society of Actuaries – 16p 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries — [BonkNote] — 16p The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett The bottom line is, however, that we…
Read MoreIllustrations – History
Illustrations – History In the use of these illustrations, agents must carefully discriminate between what is guaranteed in the policy, and what is only a possibility… (p42 of 240) 1896 – Ratebook – Premium Rates, Guarantees and Illustrations of Policies – New York Life Insurance Company – 240p Senator Metzenbaum Prudential Multi-State Task Force Report…
Read MoreIllustrations – Documents – NAIC
Illustrations – Documents – NAIC 1990-1A – NAIC / LIMRA Consumer Testing – Universal Life Disclosure Form – 10p 1993-1 NAIC Summary of NAIC Activity, Life Insurance Disclosure Illustrations, ATTACHMENT ONE-A – 2 Statement of National Association of Life Underwriters – 257 Statement of the American Academy of Actuaries Task Force on Life Insurance Illustrations -…
Read MoreIllustrations as Roadmaps
Illustrations as Roadmaps This was an optional idea that we called “Illustrations As Road Maps.” The concept is that instead of letting the actual performance of a Universal Life policy diverge over time further and further from what was originally illustrated, you could send policyholders a notice each year on the anniversary, if the results are below…
Read MoreIllustrations – Uses
Illustrations – Uses 2015 0816 – NAIC – LIAC CC, NAIC Proceedings Birny Birnbaum (Center for Economic Justice—CEJ) also expressed support for the suggestion. He said it is important that state insurance regulators determine if illustrations are accomplishing what they are intended to accomplish, how they are being used and whether consumers understand them. Mr.…
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