Illustrations

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 -…

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…

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.…

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)…

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…

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. …

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…

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…

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 -…

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…

Illustrations – Documents – NAIC

Illustrations as Roadmaps

Illustrations – Uses

Illustrations – Examples

Guarantees Only

Disclosure

NAIC – Illustrations

Inforce Illustrations

Illustrations

Illustrations – Media