Policy Information – Page 4

Benefits The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were. 1988 0603 – Universal & Other New Plans (A) Task Force – NAIC – Attachment Two 1988-2, NAIC Proc. Nonforfeiture Premium Benefit Pattern – Examples Benefits – ACLI Benefits – Actuarial Benefits…

Policy Overview / Policy Summary / Cover page / Narrative Summary Policy Overview Ideas [George Coleman]… said that the NAIC had formed a resource group last November to assist and recommend changes. The resource group recommended a cover page to the illustration to include essential information about the illustrated policy. — George Coleman, Prudential, ACLI,…

Unbundled The “unbundling’ of services and other product differences between Universal Life and Ordinary Life cause current literature to be inapplicable, as well as insufficient, for Universal Life. 1984 – AAA – American Academy of Actuaries – Journal I would like to ask how many people here have received requests for such unbundling from the public.…

Performance Benefits Coverage Period Historical Performance Policy Performance, Variability, UL Description Results Outcomes Cost – 2000 – AP – The Nature and Causes of Variation in Insurance Policy Yields: Whole Life and Universal Life, Journal of Insurance Issues, 2000, 23, 1, pp. 30–47, by James M. Carson and Mark D. Forster – 18p The actual versus…

Policy Summary The <ACLI’s> Council’s Subcommittee on Cost Comparisons has proposed that cost disclosure requirements for universal life plans be generally similar to those for traditional life insurance plans as provided by the NAIC Model Life Insurance Solicitation Regulation. In addition, the Subcommittee is recommending disclosure for universal life plans in accordance with the “non-guaranteed…

Policy Comparison JAMES F. REISKYTL: Bob, if I were coming to you to buy a policy, how would you tell me to compare whatever you’re selling? You said you offered policies for three or four companies. How do you compare those policies and tell me which one I should buy? Bob NELSON <NALU/NAIFA Representative>: “Inadequately”…

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 -…

NGEs – Non-Guaranteed Elements Assumptions Cost of Insurance – COI Interest Rate Non-Guaranteed Elements Work Group – NGEWG – AAA 2022 – SOA – Overview of Nonguaranteed Elements (NGEs), Society of Actuaries – 22p I have a theory that the difficulties the life industry faced with illustrations, including the billions lost in lawsuits, stemmed from…