SandBox
Q: 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…
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Informed Consumer 2016/4/3 – Life Insurance Illustrations Working Group Conference Call – NAIC Proceedings ……consumers being better able to understand the product performance…… ……need to take a broader look at how all products are explained to consumers…….. 2016 vs 1982 1982 Proc. II 359-360 – Universal Life Model Regulation – Citations The Universal…
Read MoreIssues and Debates
Issues and Debates ABCDEFGHIJKLMNOPQRSTUVWXYZ# A As long as you pay the premium Back to top B Bait and Switch BTID – Buy Term Invest the Difference Back to top C Change Without Damage Commissions Companies Changing Systems Complaints Confusing to People Confusion Corporate Governance Coverage Period Crisis Crisis in Confidence Back to top D Double…
Read MoreRefind
Refind SOA What if all agents don’t know stuff? Walker v LSW Why would you pay more Cash Value guaranteed NAIC Agent – I didn’t know Costs Came Out Van Mueller Polic Mechanics it’s not a 10 pay / paid up policy Metzenbaum the US Economy goes the way of the life insurance industry 2008 0917…
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 More4 – OUTLINE
4 – OUTLINE Purpose of Working Groups IULWG – Mike Yanacheck LIBG – LIIIWG – Schwartzer Turning Points Words and Concepts What category is Universal Life? Dynamic ACLI Actuarial Book Whole Cude Permanent Birnbaum Knowledge – Agent, Consumer, Regulator Performance References ACLI Examples of Policy Summaries – WishList Government When Will… First 35p just…
Read More6 – LIBG
6 – LIBG https://www.naic.org/documents/life_insurance_buyers_guide.pdf 2019 (4) Keep in mind that you may be able to change your current policy to get benefits <Plan of Insurance> you want. Dynamic Policies Cude – What are Benefits Universal Life is a ratebook and more, all by itself. If you say you have Universal Life, you in fact have…
Read MoreSandbox – Short List – 418
Sandbox – Short List – 417 Academic 201x – Universal Life Insurance Duration Measures, Lange, Alonzi, Simpkins – 14p 2004 – UNIVERSAL LIFE INSURANCE – ASPECTS OF THE CASH VALUE DEVELOPMENT – Insurance – 146p 1982 -Using Information-Processing Principles in Public Policymaking- Marketing – 21p 1981 – FTC The NAIC Model Life Insurance Solicitation Regulation – 22p 1972 – An Empirical…
Read MoreSandbox – UL – Premium – 415
Sandbox UL – Premium – 415 2017/11/15 – ACLI revised draft and letter – Life Insurance Buyer’s Guide Working Group Permanent (cash value) insurance covers you for your entire life – Unlike a term policy, which can end after a specified number of years, permanent life insurance will continue to the policy’s maturity age so…
Read MoreSB – UL – Raindrop or Umbrella – 414
Sandbox – UL – Dynamic Products – Raindrop or Umbrella – 414 Raindrop Umbrella In essence, the model regulation <Universal Life Model Regulation> assumes that at issue, all universal life policies are permanent plans. The r-ratio is meant to measure the extent to which the policy is on track” as a permanent plan. Statutory Valuation…
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