Black Swans Nassim Taleb (p60) – David Schweikert – (R-AZ) – Are we going to wake up tomorrow and find out that the shadow on the horizon, the black swan was something that because of the concentration of the way you look at the world you completely miss? 2015 1208 – GOV (House) – Oversight of…

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Mergers and Acquisitions My question revolves around the notion that it seems as if we talk about the life insurance company as acquiring other services which it will offer in some basket of services. But when we talk about the financial services industry and the life insurance  business, the reality is that the other financial…

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Games, Gimmicks and Tricks Why is this flimflammery allowed to continue? Where are the laws to prevent companies from misleading people?  (p3) —  Senator Howard Metzenbaum (D-OH) 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote] It is my recollection and understanding that AG 49 was created in…

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Worldview – Sandbox https://www.mymoney.gov/researcher/Lists/Researchers/AllItems.aspx These products <Universal Life Insurance> arose from a significant rise in interest rates in the early 1980’s and a wave of consumer demand for products better meeting their needs. <p37> 2020, August – Financial Sector Assessment Program-Technical Note-Insurance Supervision and Regulation, by International Monetary Fund. Monetary and Capital Markets Department https://www.imf.org/en/Publications/CR/Issues/2020/08/07/United-States-Financial-Sector-Assessment-Program-Technical-Note-Insurance-Supervision-and-49653 MR…

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Turning Points The working group next reviewed Appendix D to the Life Insurance Disclosure Model Regulation, which contained policy information for a universal life policy or indeterminate premium policy. The working group agreed that, since most of this information was directly based on non-guaranteed elements, it would be appropriate to delete the entire appendix. 1996-1…

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sb-policy-performance-variability-Non-guaranteed Elements – Universal Life Universal Life Descriptions Policy Performance  Variability / Volatility Nonguaranteed Elements (NGE’s) / Nonguaranteed Policy Elements Illustrations Disclosure Life Insurance Buyer’s Guide Sales / Buying Process Market Conduct Premium Lapse Academics ACLI Actuarial Government Law NAIC Mr. Wicka said the paper advocates for: … additional information to be provided to consumers…

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Short Lists http://www.bonknote.com/draft-short-list/ Policies Adjustable Life – bonknote.com/adjustable-life/ Walter L Chapin – Minnesota Mutual 1976 – Toward Adjustable Individual Life Products, Walter L. Chapin, Society of Actuaries – 50p This leads to the second attitude adjustment that is needed. The old distinction between term and permanent is usually not appropriate for an adjustable life policy. In…

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425-letter-2 Also, because most people presume that if you pay your premium continuously, your policy will remain in effect, quite a few people had a hard time understanding how or why the policy would terminate in policy year 31. This was simply foreign to their way of thinking. 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal…

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NOW THEN https://www.bonknote.com/wp-content/uploads/30-Saylers-v-MetLife-how-does-this-whole-system-work-agency.mp4 Saylers-v-MetLife So, how does this whole system work? Industry Reputation Market Conduct/ Complaints/ Lawsuits Product Performance- Universal Life Consumer Accountability Disclosure Sales Process Plan of Insurance  Interest Variability Premium Coverage Period- Universal Life Premium –  Universal Life Benefits – Universal Life Compare Contrast: Pricing – Life Insurance vs Car Insurance Non-guaranteed Elements…

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or As a result of the declining interest rates during the first ten years, the amount accumulated in the deposit fund after ten years is less than anticipated when the contract was issued, and less than necessary to keep the contract in force for the long term if the original “target premium” assumptions were continued.…

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