Sales Strategies
Sales Process
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…
Read MoreNeed to Take a Broader Look at How All Products are Explained to Consumers
….need to take a closer look at how all products are explained to consumers. Mr. Schwartzer reminded the Working Group that the Life Insurance Illustration Issues (A) Working Group came out of concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial (A) Task Force was working on guidance for IUL policy…
Read More7702 – IRC – Internal Revenue Code
7702 – IRC – Internal Revenue Code IRS – Section 7702.—Life Insurance Contract Defined – irs.gov/pub/irs-drop/rr-05-6.pdf jct.gov/publications/?searchWithin=7702&sort=dateASC&it=content&mpp=48 Christian J. DesRochers, John T. Adney Robert MARKS: Do any companies have concerns regarding not being able to charge a premium that would be high enough to mature the policy on a current interest rate basis with the…
Read MoreDisclosure
Disclosure Disclosure – Index The purpose of disclosure is to let the life insurance buyer know what he’s getting. — Russell R. Jensen 1977 – SOA – Cost Disclosure in Individual Life Insurance – Society of Actuaries – 18p …. I agree that failure to disclose not only misrepresents but also sows the seeds of destruction. …
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