Policies – Page 5 – [BonkNote]

SEC – Variable Life – 12% 1996 – NAIC – Variable Life Illustrations Subgroup of the Life Disclosure (A) Working Group – June 2, 1996 Mr. Morse reported that under the current rules, a personalized illustration may be prepared using 0% and 12%. The 12% includes the current morality and expenses and the 0% illustration…

Complex Products More complex products sold to individual consumers (e.g., universal life policies) tend to generate more market conduct problems than simple products (e.g., term life insurance). 2003 0701 – Report – For NCOIL – The Path to Reform – The Evolution of Market Conduct Surveillance Regulation, by PricewaterhouseCoopers and Georgia State University – 117p…

Options – Life Insurance Policy Michael Lovendusky, ACLI …said the ACLI work group thinks that most confusion for consumers involves complex products like universal life, and not Simple products like term life. He said consumers are mostly confused about options, guarantees and riders. The ACLI work group was considering asking the life insurance and Annuities…

Defective Defective – Lapse Prone – Walker v LSW Crown Life – D012 – defects 1994 0219 – Greensboro – Be Alert for Defects in Cash-Value Insurance, by Jane Bryant Quinn – [link] Crown Life, Jerry Keating, John Hancock

Fund-Based Products Commissioner David Lyons (Iowa) convened the Life Insurance (A) Committee for the purpose of conducting a hearing on the Second Standard Nonforfeiture Law for Life Insurance and the Standard Nonforfeiture Law for Deferred Annuities. Bill Carroll (American Council of Life lnsurance-ACLI) said the ACLI did not believe the life insurance model should be…

Partial Endowment Deposit Term 1980-2, NAIC Proceeedings – Model Regulation for Partial Endowment type (Deposit Term) Ms. Edwards reported that the task force recommended the adoption by the (C3) Subcommittee of the Model Regulation for Partial Endowment type (Deposit Term) policies which was circulated in December, 1979, as an exposure draft. Following discussion and upon a motion duly…

Post-Sale Disclosure The life insurance disclosure movement has focused almost entirely on point-of-sale disclosure, to the virtual exclusion of post-sale disclosure. Life insurance companies are therefore under pressure to provide attractive point-of-sale information. Some of the methods used to achieve this objective adversely affect long-time policyholders. Emphasis should be placed on the need for post-sale…

Universal-Flexible Factor <WishList> 1982 – New Jersey – Universal/Flexible Factor: life insurance informational hearing. Department of Insurance, New Jersey. Department of Banking & Insurance [Bonk: the NAIC also has it in their Database, but it is currently unavailable for viewing (as of 2023)] Bill White, chief actuary, New Jersey, reported on their special project pertaining to…

Unallocated Annuity Contracts GICS – Guaranteed Investment Contracts Unallocated annuities are investment plans generally known as Guaranteed Interest Contracts (GIC). http://leginfo.ca.gov/pub/93-94/bill/sen/sb_0401-0450/sb_435_cfa_930902_231103_sen_floor NOLGHA – Policyholder Information – Frequently Asked Questions – [link] 8. Unallocated Annuity Contracts What is an unallocated annuity contract? Under the NAIC Model Act, an unallocated annuity contract is “an annuity contract or group…

Fixed Premium Variable Benefit 1969 – SOA – Analysis of Basic Actuarial Theory for Fixed Premium Variable Benefit Life Insurance, by John C. Fraser, Walter N. Miller, and Charles M. Sternhell, Society of Actuaries – 116p 1999 – SOA – Analysis of Basic Actuarial Theory for Fixed Premium Variable Benefit Life Insurance, by John C.…