Questions
Questions – NAIC
Questions – NAIC 2013 – NAIC – State of the Life Insurance Industry: Implications of Industry Trends – 220p Additionally, the insurer usually guarantees the cash value will not fall below a minimum value. Transcript of NAIC Webex Conference Calls like the SEC? https://www.sec.gov/files/amac-071620-transcript.pdf Why is there a JP Morgan Copyright on NAIC materials? Who is/are the Life…
Read MoreQ: Is the Insurance Industry Exposed to Systemic Risk?
Is the Insurance Industry Exposed to Systemic Risk? Systemic risk afflicts all life insurance and investment firms around the world. 2009 – AIG: Is the Risk Systemic?, 26 Feb 2009 – Report – 21p <YES> The insurance industry is exposed to systemic risk. The viability of the insurance sector rests on the perception that insurers can and…
Read MoreQ: Why didn’t the ACLI and NALU / NAIFA show up?
Q: Why didn’t the ACLI / NALU / NAIFA Show Up? We invited some members of the Advisory Committee to testify today, too. We asked the National Association of Life Underwriters representing over 140,000 life insurance agents to send the chairman of its Illustration Task Force. — [NALU – Currently NAIFA] We invited the American Society…
Read MoreQ: Who created Universal Life Insurance?
Q: Who Created Universal Life Insurance? Life of California / California Life E.F. Hutton James C.H. Anderson George R. Dinney James C.H. Anderson Maurice H. Lavita Professor Robert Mehr other soa guy WHO CONCEIVED THIS INSTRUMENT? – Universal Life Insurance Subject to responsibility being accepted (and documented) by somebody else, we hold that the father…
Read MoreQ: Universal Life – Who wanted this?
Q: Universal Life – Who wanted this? In more modern times, insurance products became considerably more complex (e.g., universal life type products with various forms of guarantees, various forms of renewable term, etc.). These products arose from a significant rise in interest rates in the early 1980’s and a wave of consumer demand for products…
Read MoreQ: What’s the Problem That We Are Trying to Solve?
Q: What’s the Problem That We Are Trying To Solve? *Robert E. Wilcox: What’s the real problem then, Shane? Shane Chalke: I’ll say before I answer that I don’t have a good answer. 1995 – SOA – Current Developments Surrounding Regulations and Standards of Life and Annuity Products, Society of Actuaries – 18p ⇒ *Robert…
Read MoreQ: Is it Accurate to Call Universal Life a Whole Life Policy…..Maybe Not….
Q: Is it Accurate to Call Universal Life a Whole Life Policy? Maybe…Maybe Not…. Who refers to Universal Life as Whole? As long as you pay the premium Permanent insurance is a term used only by the industry – not by consumer educators. We would prefer – Life insurance comes in two basic types: Term…
Read MoreQ: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other
Q: How Can Universal Life be Classified? Permanent / Whole / Cash Value / Term / Other Why is Universal Life called Permanent or Whole Life? Maybe Universal Life Shouldn’t be Called Permanent or Whole Life How Else Could Universal Life Be Explained? NAIC Drafting Note: Although highly flexible, Universal Life insurance is generally considered…
Read MoreQ: What Policies lead to Lawsuits / Market conduct issues?
What Policies lead to Confusion / Market conduct issues / Lawsuits? More complex products sold to individual consumers (e.g., universal life policies) tend to generate more market conduct problems than simple products (e.g., term life insurance). 2003 0701 – NCOIL – The Path to Reform – The Evolution of Market Conduct Surveillance Regulation – [PDF-117p]…
Read MoreSolutions
Solutions Solutions – Index Problems Problems – Index Illustrations Annual Reports Ratebook Graphs If there is a better way, let it be sought and may it be found — and let it be to the credit of our industry that we are the ones to find it and to provide it for the consumer. — …
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