Questions
Q: What did I Buy?
What Did I Buy? 2003 0313 – A survey last year by the National Association of Insurance Commissioners found that only 28 percent of people with insurance — life, auto, home, health or disability — really understood the details of their coverage. The Washington Post – [LINK] Senator, I understand that this is a burden,…
Read MoreQ: What Life Insurance Products Need More Regulation Than Others?
Do Some Life Insurance Products Need More Regulation Than Others? 2016 0403 – LIIIWG CC, NAIC Proceedings <Mr. Lovendusky – ACLI> said the ACLI work group thinks that most confusion for consumers involves complex products like universal life, and not Simple products like term life. He said consumers are mostly confused about options, guarantees and…
Read MoreQ: Does a Term policy have Cash Value?
Q: Does a Term Policy Have Cash Value? Despite the fact that there are cash values in the thirty-year term contract, from a consumer’s viewpoint it has no savings element. — Paul Overberg 1973 – SOA – Price Disclosure and Cost Comparison, Society of Actuaries – 186p Cash Value vs Savings vs Reserves
Read MoreQ: Who Ultimately Pays?
Q: Who Ultimately Pays? Q: Guaranty Fund – Who Pays? Lawsuits 1995 1113 – Senate Agenda – [VIDEO-CSPAN] Harry Hohn of the American Council of Life Insurance, talked about goals for insurance companies. They want to limit punitive damage awards for all classes of defendants. The cost of these outrageous awards are always passed onto…
Read MoreQuestions – Index
Questions – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ A Actuarial – Questions AIG – Questions Back to top C Copy of Q: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other Back to top F FRB – Federal Reserve – Questions Back to top Q Questions – Index Questions – NAIC Q: Does It…
Read MoreQ: Where Did They Get Their Information?
Where Did They Get Their Information? With more conservative assumptions, policyholders pay in higher amounts in premiums than are required to pay the death benefits they contract for. Because the premiums earn more in reality when invested than they were assumed to and because the benefit payouts occur less gradually in reality than they were…
Read MoreQ: What Came First Universal Life or Adjustable Life?
Q: What came first Universal Life or Adjustable Life? Tom BAKOS: Well, I guess I’d just like to mention that I think actually UL was developed in 1960-something-or-other. FROM THE FLOOR: That was adjustable life. Tom BAKOS: I think Cannibal Life was the precursor. 2003 – SOA – Do You Know How Much You’re Spending?…
Read MoreQ: Does the NAIC Get Anything Done Without Pressure From Congress?
Q: Does the NAIC get anything done without pressure from Congress? The whole process started in the NAIC, as it had to. If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC. The NAIC was only too well aware of the fact that sales…
Read MoreQ: Could Guaranty Funds Handle a Large Insurance Company
Q: Could Guaranty Funds Handle a Large Insurance Company? Guaranty Funds NOLHGA – National Organization of Life and Health Insurance Guaranty Associations (p29) – Senator Richard SHELBY. (R-AL) – Mr. Hunter, do you agree with his statement <Michael McRaith (Illinois Insurance Commissioner / NAIC)>? What is your take on it. J. Robert HUNTER. I didn’t…
Read MoreQ: Are People Talking About the Same Thing?
Q: Are People Talking About the Same Thing? 2019 0917 – LIIIWG – NAIC – Life Insurance Illustrations Issues Working Group – Proceedings (Fall, 6-77) – Cost of Insurance William Koenig (Northwestern Mutual) suggested that the parties all needed a common understanding of the terms used in their discussion. (p655) 1993-4, NAIC Proceedings – Life Disclosure…
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