Universal Life
Universal Life and Adjustable Life are the Same
Universal Life as Adjustable Life Adjustable Life Insurance 2021 – ACLI Fact Book – 234p Universal life insurance: A type of permanent life insurance that allows the insured, after the initial payment, to pay premiums at various times and in varying amounts, subject to certain minimums and maximums. To increase the death benefit, the insurance…
Read MoreFixed Premium Universal Life
FPUL – Fixed Premium Universal Life Current Assumption Whole Life 2005 – SOA – Determining Guideline Premiums for Fixed-Premium Universal Life Insurance Contracts, by John T. Adney, Brian G. King and Craig R. Springfield – 6p 1988-2, NAIC Proceedings – (p411) Date: May 16, 1988 To: Dave Becker From: Doug Doll Subject: Fixed Premium Universal Life In…
Read MoreULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC
ULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC This model began its development when an interested party* gave a brief description of the background and concern of the new so-called “Universal Life” products to the NAIC Life Insurance (A) Committee. — [Bonk: interested party* = Jim Jackson of Transamerica / Occidental…
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Dynamic Products NGEs – Non-Guaranteed Elements Policyholder Behavior NAIC Working Groups – Current / Recent ACLI Letter 2016 0517 – LIIIWG – Assurity Resources – Consumer Issues Associated with Guaranteed Universal Life – NAIC – 11p 2017 1115 – Letter – AAA tp NAIC – (American Academy of Actuaries) – Re: Life Insurance Buyer’s Guide…
Read MoreUniversal Life Descriptions – Current
Universal Life Descriptions – Current Universal Life – permanent coverage for life with the potential to accumulate policy cash value • Our universal life policies offer flexibility in how much and when the policyholder pays premiums and the potential to accumulate cash value in an account that earns interest based on a crediting rate determined…
Read MoreUniversal Life – Marketing
Universal Life – Marketing Richard F. Fisher sums up his viewpoint thus : Universal Life is marketed as a tax-free money market fund, or other short-term investment vehicle, with term insurance available to be purchased from the fund. Current high short-term yields are illustrated for very long periods of years. Continuance of the term piece…
Read MoreUniversal Life – History
Universal Life – History Universal Life Insurance – Index “History of Traditional Universal Life” Background When universal life was first popularized about 20 years ago, there was considerable controversy with regard to nonforfeiture compliance. Was it term plus a side fund? Whole life with flexible premiums? Or something entirely different? 2001 – SOA – Universal…
Read MorePremiums, Costs, Values and Benefits – Universal Life – Math
Premiums and Benefits – Universal Life – Math Policy Mechanics Its fundamental “mechanics” are indistinguishable from those underlying traditional life insurance products. [Bonk: Its = Universal Life] — Samuel H. Turner, President, The Life Insurance Company of Virginia 1982 – Journal of Insurance Medicine – 1p
Read MorePremiums, Costs, Values and Benefits – Universal Life – Concept
Premiums and Benefits – How Universal Life Works – Concept Broken down to its simplest basis, Universal Life has eliminated the concept of “plan of insurance”….. — Christian J. DesRochers 1983 – SOA – Universal Life, Society of Actuaries – 24p In fact, it is accurate to describe Universal Life as a generalized version of the…
Read MoreUniversal Life – First Policy – EF Hutton
Universal Life – First Policy EF Hutton Life Insurance Co. of California 1981 0511 – Ventura County Star / NYT – ‘Universal’ insurance making gains – newspapers.com/article/ventura-county-star/146622810/ The Life Insurance Co. of California was the first to sell the universal policies, in January 1979. Its name later was changed to Hutton Life. Alan RICHARDS. My name is…
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