Questions
Q: Is Universal Life Insurance a Traditional Product?
Q: Is Universal Life Insurance a Traditional Product? Due to the unique nature of universal life products, a number of states have issued guidelines governing the sale of such products. These guidelines address contractual requirements as well as policyholder disclosure procedures. — Leonard E. Odell, ACLI 1981 – SOA – Universal Life (RSA81V7N412), Moderator: Samuel H.…
Read MoreQ: 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? Let us look at the question of splitting a life policy into its term and savings elements as an example of injecting the consumer’s viewpoint into the current “great debate.” Let us assume that a customer wishes to buy insurance protection for a ten-year period and wants…
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: Are People…
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? 1981 0511 – Ventura County Star / NYT – ‘Universal’ insurance making gains – newspapers.com/article/ventura-county-star/146622810/ The Life Insurance Co. of California was the first to sell the universal policies, in January 1979. Its name later was changed to Hutton Life. Adjustable Life Unfortunately the terminology that has developed…
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…
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