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LOOK
LOOK My staff has conducted a major investigation of these issues. I must say today that I was shocked when I saw its findings. (p1) — Senator Howard Metzenbaum (D-OH) 1979 0524 – GOV (Senate) – Cost Disclosure in Life Insurance, Howard Metzenbaum (D-OH) — [BonkNote] Look-Blumenthal Deposition Look – Kablach Deposition Do you see…
Read MoreLook – Blumenthal Deposition
Look – Blumenthal Deposition 2009 – LC – Blumenthal v New York Life — [BonkNote] In my experience very smart people don’t really know what all the components mean. I feel like it does lead to confusion. So, I think … if you can refer to the eventual illustration and just show the cash value. — Teresa…
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 MoreInformed Consumer-2
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 Copy of Q: How Can Universal Life Insurance Be Classified? Permanent / Whole…
Read MoreDraft – Short List
Draft – Short List https://www.bonknote.com/cash-value/ Benefits Costs / Unbundled Policy Overview Ideas Premium Roles Agents Understanding / Explaining UL General Focus Groups Performance / Volatility / Duration Finding Stuff MarkUps NAIC Illustrations Model Regulation – MarkUp NAIC Universal Life Model Regulation – MarkUp Leslie Scism – Article – MarkUp Policy Overview Docs Vogt v State…
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…
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