Process – [BonkNote]

Churning Replacements Twisting Churning will be high as comparisons of recent performance and illustrations will “prove” the necessity for a switching. — Dale R. Gustafson, Northwestern Mutual …asks why the really hard questions about the product aren’t reflected in the articles we printed. His nominees for the hard questions are: 1981 11 – SOA – The Actuary,…

Education The educational task is huge, and it’s not just with the customers; it’s with our agents also. I would say to all of you that if you think that you don’t have any customers or any agents who fail to understand what a nonguaranteed illustration really means, you’re kidding yourself. — Walter Miller, Prudential…

Sales Process The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries – 16p Mr. Wright said the Society of Actuaries report referred to the fact that companies said they had no control over what agents…

Servicing From a distribution perspective, I think one of the challenges that face us in UL is the servicing of UL. Flexible premium, high-degree-of-service UL products have little or no renewal compensation paid if there’s no premium paid. — Daniel F. Byrne 1999 – SOA – The Next Generation Universal Life, Society of Actuaries – 30p First of…

Marketing …a great deal of our problem is caused because the people out there marketing our life insurance products are trying to market it against and like mutual funds. Until we start to market it as life insurance and describe it and teach the consumers about life insurance, they’re not in any position to make…

Trade Secrets Ms. Parachini indicated the Compact legislation already recognizes a trade secret protection for product filings and this rule allows a company to keep competitive information protected. Miriam Krol (ACLI) explained the Working Group developing the product standards is incorporating detailed submission requirements, many of which are actuarial in nature. These submissions may include…

Ratebook Universal Life is a ratebook and more, all by itself. If you say you have Universal Life, you in fact have more of a product than you probably have in your current portfolio at the present time. — Thomas F. Eason 1983 – SOA – Individual Life Insurance, Society of Actuaries – 22p Adjustable Life -…

Options Derivatives, Futures, Options, Swaps etc – Government Hearings Options – Investment Strategy Policyholder Options Premium Payment Options 2009 – AP – Implicit Options in Life Insurance, WP 33, by Nadine Gatzert, University of Gallen – 30p The common types of life insurance products discussed in the previous section are usually replete with implicit options.…

Underwriting 1952 – The Professional Concept of Life Underwriting, By Solomon S. Huebner – <WishList> -ia800205.us.archive.org/17/items/copyrightrenewals1923-1964/1980.txt 21May52, The American College 1959 – SOA – Discussion of Subjects of Special Interest: Underwriting, Society of Actuaries – 8p 2020 – SOA – Validating Algorithmic Underwriting Models – Expert Panel Report, Society of Actuaries – 13p 2021 – SOA -…

Policy Mechanics / Cash flow / Works Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer, by Anna Rappaport, Society of Actuaries – 2p-Article Buyers of life insurance are entitled to descriptions of their policies and how they work. But…