SandBox – Page 2 – [BonkNote]

Traditional Non-Traditional Q: Is Universal Life Insurance a Traditional Product? (p1) …..American consumers pay a bill without having more than a somewhat vague idea of what they are buying. If this were the result of flimflam, enforcement agencies would have been all over the sellers years ago. But this is not intentional flimflam it is…

Permanent Plan Plan of Insurance In essence, the model regulation assumes that at issue, all universal life policies are permanent plans. [Bonk: model regulation = ULMR – Universal Life Model Regulation] The r-ratio is meant to measure the extent to which the policy is “on track” as a permanent plan. 2018 – Book – Statutory Valuation…

Computers New Products and Special Markets A. Modern computers make it feasible to consider marketing a flexible policy under which the premiums and benefits could be changed to meet the changing needs of the policyholder. — Ardian C. Gill Computers may make it feasible to produce a highly flexible policy with benefits and premiums that…

Taxonomy – Changes – Term to Permanent A few companies have introduced a product known as Universal or Total Life. The concept involves… the company withdraws an amount sufficient to pay the premiums for an annual renewable term coverage for the amount selected for the for the current policy year. (p70) 1982 – Book -…

Trends First of all, what are the current trends with respect to the sales of Universal Life? As most of you are aware, the slow movement to Universal Life has become a tidal wave. — Randall P. Mire 1983 – SOA – Universal Life (rsa83v9n32), Society of Actuaries – 22p In recent years many companies have experienced…

Communication What they did not understand, they did not find useful. 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal Life Disclosure Form Focus Group Summary, Consumer Issues Disclosure Working Group – NAIC — [BonkNote] — 10p By readability, I do not mean the use of two syllable words, three word sentences and a high…

Corporate Boards Corporate Governance Company Culture 2003 – GOV – RETIREMENT SECURITY AND CORPORATE RESPONSIBILITY https://www.govinfo.gov/content/pkg/CHRG-107shrg82917/pdf/CHRG-107shrg82917.pdf Senate – FIELD HEARING BEFORE THE SPECIAL COMMITTEE ON AGING

Bonk 2018 – SquirePattonBoggs – State Insurance Regulation – Increased Disparagement of the Regulatory Framework and a Call for Action, by Mary Jo Hudson, Director of the Ohio Department of Insurance (2007-2011) – 7p 2012 0718 – Hinerman – Life Insurance Reality Show Continued! by Ed Hinerman – [link] Letter – Consumer to Ohio Department of…

Root Cause FSB As we began researching this problem, two questions became central. What criteria should we use to evaluate suggested changes and alternatives? What is the root cause of current problems, and why have previous corrective efforts been so unsuccessful? As research continued, at some point we started to focus on the uses of life…

Tipping Point Dear Editor: Life Insurance Sales Illustrations – A Call to Action We have reached the stage where a life insurance sales illustration is hardly worth the paper it is printed on. Yet thousands of agents are confidently presenting these illustrations to frequently unsuspecting clients. I have yet to discuss this issue with anyone…