Policies – Page 10

Universal Life with Secondary Guarantees (ULSG) The Universal Life contract with secondary guarantees has been one of the most controversial life insurance products introduced in the United States. 2014 04 – Model Validation for Insurance Enterprise Risk and Capital Models, Sponsored by CAS, CIA, SOA Joint Risk Management Section, prepared By Markus Stricker, Shaun Wang,…

Unit Linked In the United Kingdom variable life assurance is known as “unit-linked” life assurance or merely “linked” life assurance. Its development was untidy and is not well documented, but over a period of about fifteen years it has grown from being an oddity to being a significant proportion (3.5 per cent) of the new-business…

Indeterminate Premium The product revolution, in my mind, began in the 1970s with the introduction of indeterminate premium products. The introduction of universal life in the early 1980s really did create a revolution. We’ve seen more product change and more increasing frequency of product change in the 1980s than ever before. — William R. Britton,…

Bank-Like The regulation provides for the pre-funding of cash values, so that the amounts will be available upon policyholder demand, and will not be contingent upon sufficient surplus being available at that time to cover what is the equivalent to a demand deposit. The regulation relies heavily on the NAIC Universal Life Insurance Model Regulation…

Completely Flexible Life Insurance Plans (Universal Life Insurance Plans) 1981-2, NAIC Proceedings – Completely Flexible Plans – p785-786 – 2p “Varying Gross Premium Plans” topic in the June 1980 The following other life insurance topics are closely related to this topic: “Revision of the Standard Valuation Law and the Standard Nonforfeiture Law for Life Insurance;” “American…

Annuities ACLI – Annuities 2008 0413 – Tricks of the trade – A Dateline hidden camera investigation to see what insurance agents say — and -what they don’t — when they think they are alone with a senior – [link] <WishList> – VIDEO 2008 0624 – SEC – Statement at Open Meeting on Equity-Indexed Annuities…

Cash Value Life Insurance Cash value life insurance can operate as an investment vehicle that combines life insurance protection with a financial instrument that operates similarly to bank certificates of deposit and mutual fund investments. 2010 – CRS – Senate Committee Print 109-72 – Tax Expenditures Compendium of Background Material on Individual Provisions 109th Congress…

Select and Ultimate The select and ultimate term product is an example of a poorly designed product. The low going-in rate with increasing premium in later years, obviously encourages replacement. (Recall that select and ultimate term are mortality and tax driven, not persistency driven.) — Lawrence Silkes, Vice President and Chief Actuary of New Jersey…

Investment-Oriented Products In contrast, many of the investment-oriented products marketed in the last decade have shorter duration and require greater liquidity than was needed in earlier … 1992 – World Bank – The Life Insurance Industry in the United States: An Analysis of Economic and Regulatory Issues, by Kenneth M. Wright – 54p 1987 – SOA -…

Non-Traditional Life Insurance Products GICS – Guaranteed Investment Contract Investment-Oriented Products NTNI – Nontraditional and Non-insurance Q: Is Universal Life Insurance a Traditional Product? 1996 – SOA – Legal Issues Affecting Nontraditional Products, Society of Actuaries – 14p A new exposure draft of a revised model regulation has been prepared by the staff of the…