PremiumsandBenefits
Premiums, Costs, Values and Benefits – Actuarial
Premiums, Costs, Values and Benefits – Actuarial Universal life also allows for flexibility in policy benefits, not just premium payments. 2017 1115 – Letter – AAA to NAIC (LIBWG), American Academy of Actuaries – 2p The complications begin with a very simple question: What’s the premium for Universal Life? It could be almost anything. Then…
Read MorePremiums, Costs, Values and Benefits – Index
Premiums and Benefits – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ# A As long as you pay the premium Back to top B Benefits Benefits – Actuarial Benefits – Consumer Representatives Benefits – Index Benefits – Industry Groups Benefits – NAIC / Regulators BGA – Benefit Generating Account BGF – Benefit Generating Function Black Box Back to top C Cost…
Read MorePremiums, Costs, Values and Benefits – Regulators – History
Premiums and Benefits – Regulators – History Section 8. Disclosure Requirements The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were. (2) adequate disclosure of the fact that a premium quoted will not support the contract for the whole life if the policy is…
Read MorePremiums, 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…
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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 – Index Benefits – Industry Groups Benefits – NAIC / Regulators Blumenthal v. New York Life – 82-1 – Defendant Expert Witness Report – Dynamic Coverage Period Grid – p13 – 1p…
Read MorePremium Benefit Pattern – Examples
Premium Benefit Pattern – Examples The complications begin with a very simple question: What’s the premium for Universal Life? It could be almost anything. Then what’s the cash value? That depends on the premium. It is the relationship between the premium and cash value that determines the product characteristics of Universal Life. — Ben H.…
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