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Hal Phillips Hal Phillips, aka William H. Phillips, aka W. Harold Phillips senior life actuary with the California Department of Insurance One regulator [W. Harold Phillips (Hal), Senior Life Actuary – CA) summarized the problem in his department – Attachment Two-A: Misleading illustrations are structured as inducements to buy rather than helpful tools to understand the workings…

Thomas Sutton The Actuarial Foundation – Emeritus Trustees – 2023 — [BonkNote] Pacific Life ACLI SOA Tom Sutton, ACLI / Pacific Life – My personal opinion is that I would not have any problem with a kind of disclosure that could be communicated simply, but was based on extensive analysis by someone capable of making…

Linda Lankowski 2023 0601 – NAIC – Life Actuarial (A) Task Force Attendees – Donna Claire, Linda Lankowski 2023 – AAA – Life Perspectives, Winter/Spring 2023, American Academy of Actuaries – [link] Donna Claire – Chair – Life Experience Committee Linda Lankowski – Chair – PBR Implementation Work Group Dave Sandberg – gave a life perspective…

Examples – Connections [Bonk: Contagion-?] In the meantime, a movement was afoot within the life insurance industry led by Metropolitan Life Insurance Company, as well as the securities brokerage industry, to put together an enhanced rehabilitation plan which would raise the crediting rate on the SPDAs from 5.5% to at least 7.5%. This effort was…

2020 0923 – Forbes – Sounding The Alarm On Indexed Universal Life Insurance – IUL 2020 0923 – Forbes – Sounding The Alarm On Indexed Universal Life Insurance — [BonkNote] — [link] “Consumers should avoid IUL because the insurers and agents who sell the product have no obligation to work in the consumer’s best interest.…

Historian Q: How Do You Eat An Elephant? … in gaining a life insurance education, one problem does present itself… the basic question is where to begin. (p1) 1961 – Book – Modern Life Insurance, by Robert I. Mehr Hilary was a scholar with a keen eye on history. He could usually tell each speaker…

Grove v. Principal Mutual Life 1997 – LC – Grove v. Principal Mut. Life Ins. Co. (Formerly Bankers Life) Case NO. 4-97-CV-70224 District Court – Southern District of Iowa 1992 – LC – Grove v Principal – Adjustable Life – Policy Data Page, Jerry Grove – 4p Not on Pacer.gov

Information Asymmetry 1970 – AP – The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism, by George Akerlof – 15p Thirty-one years ago, Mark S. Dorfman (1972) concluded that workable competition did not exist in the market for life insurance products because of industry marketing practices that tended to exacerbate the insurance consumer’s ignorance and…

Marty Leary 1991 0810 – Opportunities and Remedies for U.S. Finance – [VIDEO-CSPAN] 8:00 – Marty Leary, Economist Southern Finance Project – Guaranty Funds 1992 0428 / 0505 – GOV (Senate) – Insurance Guaranty Funds and the Involuntary Transfer of Insurance Policies, (CSPAN) Insurance Policy Transfers – Howard Metzenbaum (D-OH) — [BonkNote] Panel 2 – Marty Leary, Southern…

2018 – Book – Statutory Valuation of Individual Life and Annuity Contracts 2018 – Book – Statutory Valuation of Individual Life and Annuity Contracts | 5th Edition — by Donna Claire, Lombardi and Summers (p323) – 14.4 Universal Life Insurance Model Regulation Flexible premium products introduce special valuation problems using traditional methods in that some…