Policies – Page 14

Rider Ms. Krol asked about the use of the term “riders,” when some states use other terms. Mr. Musgrove agreed that the states do use different terms and pointed out that the survey document notes that riders, endorsements, agreements, etc. all mean about the same thing, and it is indicated in the survey that respondents…

LifeCycle 1975 0619 – NYT – With “Life-Cycle” Insurance Policies Coverage May Be Changed With Needs (Adjustable Life), by Leonard Sloane – [link-Paywall Free] Definition – “Life cycle policy” was first used in the publication “With An Eye To Tomorrow”, a report on the Future Outlook Study published by the Institute of Life Insurance in…

Options Derivatives, Futures, Options, Swaps etc – Government Hearings Options – Investment Strategy Policyholder Options Premium Payment Options 2009 – AP – Implicit Options in Life Insurance, WP 33, by Nadine Gatzert, University of Gallen – 30p The common types of life insurance products discussed in the previous section are usually replete with implicit options.…

Generic Name Proposed Revision of NAIC Life Insurance Solicitation Model Regulation (ACLI) – October 22, 1982 A Generic Name means a short title which is descriptive of the premium and benefit patterns of a policy or a rider. NAIC Proceedings

Multitrack / Multi-track Multitrack Policies. For policies which allow a policyowner to change or convert the policy from one plan or amount to another, the Policy Summary: 1) Shall display all indexes and other data assuming that the option is not exercised; and 2) May display all indexes and other data using a stated assumption…

Vanishing Premium Vanishing Premium – Lawsuits Robert Beck, Prudential, Chairman and Chief Executive Office RE: Vanishing Premium (p6069) – Under some permanent insurance, contracts being sold today, the chances are you could stop paying after 7, 8, or 9 years and the insurance would remain in force for the rest of your life without further…

Replacements 1035 Exchange Churning Disintermediation Twisting 1976 1208 – NAIC – Life Insurance Replacement Regulation (C3) Task Force – p611 At the annual meeting of the National Association of Insurance Commissioners in New Orleans, Louisiana, on June 8, 1976, the Life Insurance (C3) Subcommittee appointed Director E. Benjamin Nelson, Nebraska, to chair a Life Insurance…

Policy Mechanics / Cash flow / Works Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer, by Anna Rappaport, Society of Actuaries – 2p-Article Buyers of life insurance are entitled to descriptions of their policies and how they work. But…

Accelerated Benefits 1990 – SOA – Accelerated Benefits, Society of Actuaries – 18p 1991 – LR – Death and Taxes: The Taxation of Accelerated Death Benefits for the Terminally Ill, Wayne M. Gazur, University of Colorado Law School – 88p 1991-1A, NAIC Proceedings -Accelerated Benefits Guide Model Regulation, 12/5/1990 – Attachment Two (p544) (D) Disclosure…

Other Policies Libel Policy – “Lloyds, London, is issuing policies against libel.” – 1922, Weekly Underwriter, p1030 Merriam-Webster Libel: a written or oral defamatory statement or representation that conveys an unjustly unfavorable impression Flamingo Policies – SOA