Premium – Page 3 – [BonkNote]

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,…

Guideline Premium Guideline Premium Forceouts Federal Register 1987 – Volume 52, Issues 62-67, p11201 – Guideline Premium Technical Corrections Act of 1988 – Hearing Before the Committee on Finance, United States Senate, One Hundredth Congress, Second Session, on S. 2238 and H.R. 4333, July 13, 1988 · Volume 4

Nonguaranteed Premium (Policy) Nonguaranteed Premium Policies Cash values and death benefits under these policies are guaranteed, but their premiums are not. These policies contain a guaranteed “maximum premium”, but the company anticipates charging a lower premium. The company will illustrate the cost based on the premium it currently expects to charge. Your actual cost will…

Insufficient Premiums Premium Considerations The non-guaranteed premium concept can be utilized for all forms of nonparticipating insurance, including both term and permanent policies. In setting insurance premiums, the actuary can use pricing assumptions that are as realistic as possible. The actuary is not locked into “50 years” of insufficient premiums if his or her estimates…

Premium Loan Automatic premium loan A loan provision in a life insurance policy allowing any premium not paid by the end of the grace period (usually 30 or 31 days) to be paid automatically through a policy loan if cash value is sufficient. (p134) 2016 – ACLI Fact Book – 186p J. B. WALKER felt…

UL – Premium COMMON / PARADIGM Media Universal life insurance, like whole life insurance, is a type of permanent life insurance policy that accumulates tax-deferred cash value. The policy stays in effect for as long as you remain alive and pay the premiums. https://www.usnews.com/360-reviews/life-insurance/universal-life-insurance PROBLEM? Legal Case “John <Plaintiff – Policyowner> contacted Glasgow <Agent>, who had…

Single Premium Life Insurance SPWL – Single Premium Whole Life 1988 0325 – GOV (Senate) – Tax Treatment of Single-Premium Life Insurance, (CSPAN) Single Premium Life Insurance, Max Baucus, (D-MT) — [BonkNote] LIRP – Life Insurance Retirement Plan 1999 – LC – Greenberg v. Life Ins. Co. of Virginia – [GoogleScholar] re: Single Premium Life Insurance…

Premium Due Date …this was done because (1) the concept of a “premium due date” was thought to be inapposite to flexible premium policies. 1983-1, NAIC proceedings def. inapposite: out of place; inappropriate Legal Cases 2018, Elhouty v Lincoln Benefit, United States Court of Appeals, Ninth Circuit, Google Scholar 2010, Maloof v John Hancock, SUPREME…

Scheduled Premium Section 15. Schedule Premium Policy. The definition of a “scheduled premium policy” was added by the 1983 amendments to the Model Regulation. It is intended and to establish the perimeters of contemporary “traditional” variable life insurance policies. Specifically, a variable life insurance policy is classified as a “scheduled premium” policy if the insurer…

Vanishing Premium Vanishing Premium – Legal Cases 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…