PremiumsandBenefits
Premiums, Costs, Values and Benefits – Coverage Period
Premiums and Benefits – Coverage Period Coverage Period – Examples g. Clarifying “Coverage Period Description” The Working Group discussed what information is intended to be included. Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life. Mr. Birnbaum said it is intended to answer the…
Read More2010s – NAIC – Insurance Commissioners – Premiums, Costs, Values and Benefits
2010s – NAIC – Insurance Commissioners – Premium, Costs, Values and Benefits g. Clarifying “Coverage Period Description Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life. Mr. Birnbaum said it is intended to answer the question: If I pay my premium, this policy will…
Read MorePremiums, Costs, Values and Benefits – Cash Value
Premiums and Benefits – Cash Value Mr. Reyna said the policy overview should help consumers understand how cash value accumulates and can work to their advantage over time. Mr. Wicka acknowledged that the issue is complicated because a lot depends on how the policy is funded; however, just the knowledge that the policy has cash…
Read MorePremiums, Costs, Values and Benefits – ACLI
ACLI – Premiums and Benefits 11. Review Your Life Insurance Program Every Few Have your premiums or benefits changed since your policy was issued? 2018 0218 – ACLI Comments on Draft 2/9/2018 – conference call 2-26-18 1981 0831 – ACLI – Statement of the American Council of Life Insurance Before the NASAA NAIC Joint Regulatory Insurance…
Read MorePremiums, Costs, Values and Benefits
Premiums, Costs, Values and Benefits Premiums and Benefits – Index P1P2 – Policy Mechanics / Cash Flow / Language In the case of true Universal Life…the product is modular and adjusts instantaneously to changes in benefits, premiums, and experience. — George R. Dinney: 1982 – SOA – Programs to Conserve Traditional Life Insurance Policies, Society of…
Read MoreBenefits – Index
Benefits – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ A Accelerated Benefits ACLI – Benefits Back to top B Benefits Benefits – Actuarial Benefits – Consumer Representatives Benefits – Industry Groups Benefits – NAIC / Regulators Back to top G Guaranteed Premium and Benefits Patterns Summary – NAIC Back to top L LC – Blumenthal v New York Life –…
Read MoreCoverage Period – Examples
Coverage Period – Examples 1994-3, NAIC Proceedings – Sample Policy Illustrations (Attachment Four-C) – VanLeer – John Hancock – p547-563 – 17p 10 Mr. Blumenthal should have also realized that if he needed coverage to last more or less than what was in the illustration, that all he would need to do is adjust his premium funding levels.
Read MoreBenefits – Industry Groups
Benefits – Industry Groups In the alternative he <Coleman-Prudential> suggested that the provision be reworded to say: “The annual report shall provide notice that the policyholder may request an illustration of current and future values and benefits.” 2000-3, NAIC Proceedings An agents’ association representative <Robert M. Nelson (NALU, NAIFA)> reported that his group was concerned about…
Read MoreBenefits – Consumer Representatives
Benefits – Consumer Representatives How much do the benefits build up in the policy? How will the timing of money paid and received affect interest? 2018 – LIBGWG – Cude Letter / Markup Life Insurance Buyer’s Guide – Revised 2-9-18 for discussion on conference call 2-22-18 1994-2, NAIC Proceedings – June 13 -…
Read MoreBenefits – NAIC / Regulators
Benefits – Regulators So I think that the NAIC is going to have to relook at the whole issue of life cost disclosure. It is an issue that will not go away. As long as the internal benefits of a policy are not reflected in the premium, people need help in measuring those benefits. That…
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