Illustrations
Illustrations – Examples
Illustrations – Examples 1990s 1991 — SOA – “FINAL REPORT* OF THE TASK FORCE FOR RESEARCH ON LIFE INSURANCE SALES ILLUSTRATIONS” 1993-2, NAIC Proceedings – Life Disclosure Working Group REQUIREMENTS FOR ILLUSTRATION COVER PAGES, June 21, 1993 (Attachment Six-A), RESOURCE COMMITTEE ON LIFE INSURANCE DISCLOSURE …………………. 732 California Discussion Draft of Ledger lllustrations Rule (Attachment Six-B)…
Read MoreGuarantees Only
Guarantees Only – Illustrations The regulators reached a decision to require that illustrations only show guarantees of future performance and actual past performance. 1994-1 NAIC Proc. A concern I have about illustrating guaranteed only is the potential pressure that can be put on companies to strengthen their guarantees. There was a recent article in the…
Read MoreDisclosure
Disclosure Disclosure – Index The purpose of disclosure is to let the life insurance buyer know what he’s getting. — Russell R. Jensen 1977 – SOA – Cost Disclosure in Individual Life Insurance – Society of Actuaries – 18p …. I agree that failure to disclose not only misrepresents but also sows the seeds of destruction. …
Read MoreNAIC – Illustrations
Illustrations – NAIC 1994-1 Adopted the report of the Life Disclosure Working Group, which decided that the appropriate illustration should show only policy guarantees and past performance compared to a common index. Communication “Mr. Coleman said he was very disappointed with the plan announced. He was critical of the proposal that the future performance could…
Read MoreInforce Illustrations
In-Force Illustrations It would be most useful if the updated illustration was designed to fit the needs of the policy owner. The insurer won’t have this information. 1995-1, NAIC Proceedings 2015 0515 – Letter – AXA Equitable, Brian R. Lessing, to NAIC (LATF) However, we believe that all sections of the guideline should apply to all inforce…
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Illustration Illustrations – Index In the January 1987 issue of Insurance Forum Joseph Belth makes the statement : In my opinion, life insurance sales illustrations are out of control. Furthermore, I am not aware of any significant attempts by any insurance organization or by the actuarial profession to deal with the problem. 1987 01 -…
Read MoreIllustrations – Media
Illustrations – Media 1992 – The Telegraph (New Hampshire) – Uncover Truth in Life Insurance, by Jane Bryant Quinn – [link-GoogleNews] 1994 0708 – Chicago Tribune / Kiplingers – Looks Can Be Deceiving, by Kristin Davis – 1996 0716 – The Buffalo News – Prudential Case Shows Need for Insurance Industry Reform. by James Odato…
Read MoreIllustrations – Snippets
Illustrations – Snippets 1982-1, ACLI (American Council of Life Insurers) – NAIC Proceedings The American Council of Life Insurance (ACLI) presented a paper on cost disclosure for universal life products..,..Further, the policy summary should include a statement on the point at which the policy will expire based on the policy guarantees and the anticipated premiums shown in…
Read MoreLIIIWG – Life Insurance Illustrations Issues Working Group – (A) – NAIC – Documents
LIIIWG – Life Insurance Illustration Issues Working Group – (A) – NAIC – Documents 2015 2015 0311 – AAA to NAIC (LATF) – re IUL – 4p 2015 0811 – AAA to NAIC (IULWG) – Paper- 5p 2015 1120 – (LIAC) – Life Insurance and Annuities (A) Committee National Harbor, Maryland – (6-3) the Committee…
Read MoreIULSG – Indexed Universal Life Illustrations Subgroup – (A) – NAIC
IULSG – IUL Illustration Subgroup – (A) – NAIC 2019 0312 – IULSG – IUL Illustration Subgroup – (A) – NAIC — [BonkNote] 17. Discussed the ACLI and Coalition Group Proposals for an Actuarial Guideline for IUL Illustrations Mr. Birdsall shared the results of the Kansas Insurance Department survey (Attachment Twenty-Five) on IUL policies Mr.…
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